Aura Completes Repayment in Cash of the $3.6 Million Senior Convertible Secured Notes Issued in September 2011
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Aura Systems, Inc. (OTCBB: AUSI) is pleased to announce today that it completed the repayment in cash of the entire $3.6 million secured notes that were issued in September 2011.
The notes were required to be paid in twelve equal payments. At the Company's option, each payment could be paid in cash or stock. The Company elected to make all twelve payments in cash.
Mr. Melvin Gagerman, Aura's CEO said, "We are very pleased to have completed the payment program and were able to repay the entire $3.6 million secured convertible notes in cash in a timely manner without causing any dilution to our shareholders. We would like to take this opportunity and publicly thank the lenders for their support, trust and fair dealing. We would also like to thank MDB Capital in Santa Monica, California, who helped arrange the convertible notes as well as participated in a portion of the notes directly."
Mr. Gagerman added, "We are looking forward to our new fiscal year that started on March 1st. We have a new President Dr. Ramesh Misra, a new VP of Sales and Marketing Mr. Damon Haber and expect to add additional senior management shortly."
For more information on Aura Systems, Inc. visit www.aurasystems.com.
KEYWORDS: United States North America California
The article Aura Completes Repayment in Cash of the $3.6 Million Senior Convertible Secured Notes Issued in September 2011 originally appeared on Fool.com.
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