Leigh-- I have mixed feelings. IMO, they are administratively inept and indefensibly greedy. Howver, Zvi is a very creative engineer and, if kept in reign, he could make this company really go. I love keeping him on as a consultant, even (or especially) if it from jail.
OTOH
Wednesday January 2, 8:29 am Eastern Time
Press Release
SOURCE: Aura Systems, Inc.
Aura Systems 5 KW AuraGen VIPER To Be Used by South Korean Army
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Jan. 2, 2002--AURA SYSTEMS, INC. (OTCBB:AURA - news) announced that it was notified by Techmate Corporation
its South Korea distributor that at the final meeting of the Senior Member Committee of the Korean Ministry of Defense, the VIPER program was approved. As
previously announced in August of 2000, the Chief of Staff of the South Korean Army selected the VIPER (military version of the AuraGen®) for inclusion in the Army
and forwarded the requirements to the Korean Minister of Defense for approval.
The initial Korean Army order to Techmate is for 360 VIPERS for new acquisitions starting in fiscal 2003, of which the majority will be used for General Maintenance.
After the initial deliveries and standardization, the program plans for 2,410 additional units to be used for upgrades and replacements of existing systems. The total units
estimated over the entire program plan, which is expected to be over a 5-year period, are approximately 10,000 units for battle and battle support vehicles including those
for C4I systems (command, control, communication and Intelligence). The estimated value to Aura of the five year program is approximately $35 million dollars. No
assurances can be given that after the initial 360 units the program will not be changed or that the final total units over the five year program may not materially vary
from the plan.
Techmate Corporation, will purchase the basic VIPER systems (ECU and the generator) from Aura, then with Aura's help augment and customize the VIPERs with
additional components for the South Korea Army. Techmate will install and service the VIPER system in South Korea. Mr. Kurtzman Aura's CEO said, ``Techmate has
worked closely with Aura over the last year and a half on this project and was instrumental in achieving this breakthrough with the Korean Army. We have developed a
very good working relationship with Techmate not only on this program, but also on other activities. We expect our relationship with Techmate to expand in the next
several months''.
Mr. Song, Techmate's CEO said, `` The VIPER is a great product and we are very pleased to be part of it. We believe that the VIPER's ability and performance will
enhance our business with customers such as the Korean Army. We are looking forward to a long and mutually beneficial relationship with Aura''.
The VIPER, the military version of the AuraGen Mobile Generator system, is engine driven and capable of providing up to 10,000 Watts of power. The system can
provide pure AC power, both AC and DC power simultaneously or DC power only. Power can also be provided with the engine off with the recently introduced ICS
(Inverter Charger System).
fred |
