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DESCRIPTION OF TECHNICAL ANALYSIS
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Research Report Example
Knobias Research Report for: Aura Systems Inc (OTCBB: AURA) – example
MAJOR INDUSTRY: Manufacturing
SIC Number: 3621 − Motors And Generators
Does the Company focus part of its business via the Web? No
Company’s primary stock traded: OTCBB
Publicly Traded Ticker Symbols: AURA
Market Cap: $ 36.20M
Recent Share Price: $ 0.084
EPS (year-end 02/2002): $−0.080
Recent P/E Ratio: NEG
Recent Book Value: $0.033
BUSINESS SUMMARY: CURRENT BUSINESS INFORMATION: Aura Systems, Inc. develops, designs, assembles and sells induction power systems for mobile power applications in an established mobile power generation market for gensets (portable generators) and inverters in 3,000 to 15,000-watt applications. The Company’s claims its proprietary and patented technology has been developed for use in systems and products for commercial, industrial, consumer, and government use. The Company is focused on manufacturing and selling the AuraGen family of electromagnetic products.
The AuraGen is a patented electromagnetic generator that is mounted to the vehicle engine, which generates both 110 and 220-volt AC power at all engine speeds including idle. The system has been able to generate full power up to 8500 watts. Mobile power users are generally found in construction, cable, emergency/rescue, marine, entertainment, railroad, recreational vehicles, telecommunications, tool sales trucks, utilities, municipalities, military and personal use.
The Company believes its AuraGen system is more reliable than existing gensets (portable generators)in large part that reliability is due to the use of standard vehicle engines as compared to the small stand−alone engines used by other gensets. The AuraGen’s design is more than 50% smaller and lighter than the traditional gensets, allowing “under−the−hood” AuraGen installation. The user simply pushes the start button and then uses traditional power outlets to plug in conventional tools or instruments.
HISTORICAL BUSINESS INFORMATION: Aura Systems, Inc. was founded in 1987 to engage in the development and sales of products, systems and components using its patented electromagnetic and electrooptical technology.
Prior to Fiscal 1992, Aura Systems, Inc. was engaged in various military programs, which allowed Aura Systems to develop its electromagnetic and electro−optical technologies and applications. A number of “one−of−a−kind” systems were built and successfully tested in the field. Subsequently, Aura Systems developed additional electromagnetic and electro−optical know−how and technology and transitioned from a supplier of defense technology to a supplier of consumer and industrial−related products and services.
In June 1993, Aura Systems acquired the assets of the Ceramics Center of Alliant Techsystems, Inc. solely for the assumption of liability for environmental cleanup with no current cash payments required. The cost of environmental cleanup had been estimated to be approximately $750,000 and would be payable upon vacancy of the leased premises. Aura Ceramics, Inc. began operations shortly after formation. Aura Ceramics was a producer of high-performance piezoelectric materials such as lead lanthanum zirconium titanate, lead zirconium titanate, and reduced and internally biased oxide wafers materials. Aura Systems utilized the ceramics business as a supplier of materials for other lines prior to selling the business in March 2000.
In the Fall of 1993 Aura Systems developed a new product, called the Interactor. This product was intended for the video game market. The Interactor vest utilized an electromagnetic transducer to convert electrical signals derived from the audio channel of a television, stereo, video game, or the like, into low-frequency vibrations. Aura Systems sold approximately 420,000 total Interactor vests. Interactor vest sales had been were very disappointing. With net sales of only $3 million at the end of fiscal 1996, Aura Systems decided to stop actively pursuing the business.
In 1994, Aura Systems founded NewCom, Inc., a Delaware corporation, which manufactured, packaged, sold and distributed computer−related communications and sound−related products. NewCom’s products included modems, CD−ROMs, sound cards, speaker systems and multimedia products. In September 1997, NewCom made an initial public offering and Aura Systems decreased its ownership to a minority position. In the second half of 1999 NewCom’s business suffered from adverse industry conditions. Computer Retailers incorporated peripheral equipment at the OEM level. NewCom ceased operations in early Fiscal 2000.
In 1996, Aura Systems acquired 100% of the outstanding shares of MYS Corporation of Japan. This acquisition was made to expand Aura Systems, Inc.’s business in sound products and speakers. MYS manufactured and sold speakers and speaker systems for home, entertainment and computers. In Fiscal 2000, Aura Systems sold MYS back to the original owners who were part of MYS management.
In July 1999 Aura Systems, Inc.’s shares were delisted from Nasdaq National Market. Aura Systems, Inc.’s stock failed to meet the filing, minimum $1.00 bid price as well as other requirements as stated in the Market Place Rules. On February 1, 2001, Aura Systems, Inc.’s shares were listed on the OTC Bulletin Board.
In Fiscal 1999, Aura Systems thought that its capital needs would be met by a number of sources, including the NewCom’s repayment of approximately $20 million of indebtedness. The NewCom debt was due in September 1998. NewCom was unable to meet its obligations to Aura Systems which created a significant cash shortfall. This required Aura Systems beginning in January 1999 to refocus its operations by shutting down certain operating divisions, selling its MYS subsidiary, selling proprietary-based AuraSound speaker technology and assets, and leasing its Electrotec concert touring sound equipment. Aura Systems sold the assets of its ceramics facility in March 2000. Aura Systems temporarily suspended further development of certain electromagnetic projects, including the electromagnetic valve actuator.
In Fiscal 2000 Aura Systems entered into agreements to restructure more than $85 million of debt and liabilities. Approximately $37 million was either forgiven or converted into equity. Aura Systems has continued to reduce its debt through payments, settlements, and equity conversions. By the end of May 2001, Aura Systems, Inc.’s debt had declined to approximately $31 million. Approximately $5.2 million of Aura Systems, Inc.’s debt is the mortgage on the real estate property.
August 6, 2001, Aura Systems signed a corporate-wide distribution agreement with Stewart Stevenson Services, Inc. The agreement covered the marketing, selling and servicing of the AuraGen, expanding existing limited regional coverage to multiple region and branch locations in 12 states: Alaska, Arizona, Arkansas, California, Florida, Louisiana, Mississippi, Nevada, Oregon, Texas, Washington and Wyoming. Additionally SSwill service the Memphis, Tenn. metro area and the southern counties of Alabama. Stewart Stevenson is a manufacturer, distributor and service provider of a wide range of industrial and energy-related equipment.
February 28, 2002, Aura Systems restructured and retired approximately $15.3 million of debt and accrued interest. The debt restructure involved approximately $4.2 million of debt forgiveness, a cash fee paid to Aura Systems of approximately $1.3 million and the conversion of approximately $11.1 million into common stock at market. The retirement of the outstanding debt resulted in an extraordinary pre−tax gain on the early extinguishments of debt of approximately $5.5 million for Aura Systems in the fourth quarter of fiscal 2002. The transaction eliminated approximately $14.8 million of principal payments and approximately $800,000 of interest payments that would otherwise have been required in fiscal 2003.
March 28, 2002, Aura Systems completed the third phase of its informal corporate restructure started in 1999. The restructure was composed of a number of elements and phases. The first phase involved focusing on the AuraGen product as the primary activity of Aura Systems. To achieve this focus, Aura Systems discontinued some operations and joint ventures, sold its speaker and piezoelectric ceramic businesses, and temporarily suspended all work on the Electromagnetic Valve Actuator (EVA) applications. The second phase of the restructuring was debt reduction. Aura Systems, in a number of different phases, reduced debt from approximately $100 million in 1999 to less than $10 million. The current $10 million dollars of debt includes approximately $5.2 million for the first trust deed on Aura Systems, Inc.’s 77,000-square-foot complex located in El Segundo, California. The debt reduction process entailed some cash payments to creditors, some conversion of debt into equity and substantial debt forgiveness from three major creditors. The last phase of the debt reduction completed in February 2002 eliminated approximately $16 million of debt including the last remaining $12 million of secured debt to the largest creditor of Aura Systems. The third phase of the restructure involved changes to the operating management of Aura Systems and to the Board of Directors.
April 10, 2002 Aura Systems entered into a letter agreement with Pierce Manufacturing, Inc., a wholly owned division of Oshkosh Truck Corporation. Pierce intends to install the AuraGen(R)5 kW system on an OEM basis for fire apparatus vehicles. The system will use Aura Systems, Inc.’s Power Take Off (PTO) interface. Pierce personnel will perform the installations at Pierce facilities. Pierce is a manufacturer of fire apparatus vehicles. Oshkosh Truck Corporation, a Fortune 1000 company, was recently selected by Forbes as one of the 400 Best Big Companies in America.
May 23, 2002, during the first quarter of fiscal 2002 Aura Systems raised $4.16 million through equity financing from current shareholders and members of the Board of Directors, including the Chairman of the Board. Aura Systems issued 20.8 million shares of common stock in the exchange. One of these shareholders has the option to invest additional funds under the same terms and conditions through May 31, 2002. The funds raised continue to be used for operating purposes as well as the sales and marketing activities Aura Systems has undertaken in order to ramp up the revenues from AuraGen(R). Aura Systems will require additional financing to fund its operations until it is able to achieve positive cash flows from product sales.
June 10, 2002, Aura Systems entered into an agreement with Burdeshaw Associates, Ltd., a leading consulting firm specializing in military systems and business planning. Burdeshaw Associates, Ltd., located in Bethesda, Maryland, is an association of retired senior military officers, government civilians, and corporate executives who use their expertise to assist clients in matching their technology and capabilities with U.S. and foreign military and other government requirements. Burdeshaw will enhance Aura Systems, Inc.’s efforts to market the VIPER, the militarized version of the AuraGen(R), to military users.
July 22, 2002, emergency vehicle manufacturer Luverne Fire Apparatus has begun offering Aura Systems, Inc.’s AuraGen(R) power−generating system as an option on all its fire trucks and rescue vehicles.
August 8, 2002, the Ford Motor Company’s Modified Vehicle Engineering (MVE) group located in Dearborn, Michigan has approved the AuraGen(R) mobile power system for installation on its Super Duty F−Series trucks. The MVE−Ship Thru Program group approved the Louisville Truck Equipment facility and Fort Wayne Fleet Equipment Co. as upfitters to begin installing the Aura systems. This approval was the result of Ford’s MVE evaluation of the AuraGen(R) at the installation location in Fort Wayne, Indiana.
During the second quarter ended August 31, 2002, Aura Systems conducted a private offering to a group of accredited investors for the sale of 5,357,718 shares of common stock for total gross proceeds of approximately $390,000. Aura also issued $1,000,000 of convertible notes. These convertible notes payable are due at six-month maturity dates in January to February 2003.
October 3, 2002, Stewart Stevenson, Tactical Vehicle Systems, LP and Aura Systems entered into a teaming agreement to promote the application of the AuraGen(R) VIPER (Vehicle Integrated Primary Electrical Resource) Mobile Induction Power Source on the U.S. Army’s Family of Medium Tactical Vehicles (FMTV). Stewart Stevenson will offer the VIPER as an option on FMTV A1CR variants as part of the U.S. Military Re−buy Competition that is being bid by Stewart Stevenson. The Government currently is expected to make its decision in Q1’03. Both companies will jointly market the advanced mobile power option to the military, and Stewart Stevenson will feature the AuraGen VIPER on an FMTV demonstration vehicle featured at the Association of the United States Army (AUSA) Annual Meeting in Washington, D.C., 21−23 October.
November 1, 2002, Aura Systems, Inc.’s AuraGen(R) Mobile Power System will be featured in the December issue of SEMA News. SEMA News is a publication of the Specialty Equipment Market Association.
November 25, 2002, Grabiner/Hall, a marketing design and public relations agency in Los Angeles, will serve as the agency of record for Aura Systems, Inc. Under an agreement between the two firms, Grabiner/Hall will be responsible for re−branding Aura, initially working on a revised corporate web strategy and producing collateral materials. Grabiner/Hall will also provide advice to Aura on strategic positioning as well as customer acquisition and retention.
On December 1, 2002, Aura Systems, Inc. consummated the initial closing under an Agreement for Sale and Leaseback, with a group of individuals (Purchasers) pursuant to which Aura agreed to sell its Aura Realty, Inc. subsidiary to the Purchasers and enter into a new 10−year lease of the properties owned by Aura Realty. Aura Realty is a wholly−owned subsidiary of Aura Systems whose sole assets consist of certain real properties currently occupied by Aura Systems as its headquarters facilities in El Segundo, California. The Agreement provides for the $7,350,000 purchase price for the Aura Realty stock, arrived at in arm’s length negotiations, to be partially funded by the Purchasers’ assumption or refinancing of the current mortgage note secured by the Properties. Net of the principal balance of this mortgage note of approximately $5,083,000, certain security deposits and prepayments totaling $564,000, the partial payment of past due amounts owed to certain of the individual purchasers, of approximately $135,000 and Purchasers’ fees of $105,000, Aura Systems received approximately $1,463,000. $878,750 of this amount was advanced to Aura Systems by the Purchasers prior to the December 1, 2002 closing under the Agreement. At the December 1, 2002 closing under the Agreement, Aura Systems transferred 49.9% of its stock in Aura Realty to Purchasers, delivered a $1,000,000 note payable to Purchasers and granted Purchasers a security interest in one of its note receivables to secure certain aspects of its performance under the Agreement and the Lease. A second closing will occur after the current mortgage noteholder consents to the transfer of the stock to the Purchasers and the execution of the Lease. At that time, Aura Systems will deliver its remaining Aura Realty stock to Purchasers in exchange for the return and cancellation of its $1,000,000 note payable. If the current mortgage note holder does not consent to the transfer of the stock to the Purchasers and execution of the Lease, the Purchasers will obtain a substitute mortgage note through refinancing. In the event that such refinancing is required, Aura Systems would be required to pay certain additional costs.
December 10, 2002, Aura Systems, Inc. added Meridian CT Group, Inc. as the newest distributor for its AuraGen(R) mobile power system. Meridian, a Texas Corporation, provides a sales, marketing, and distribution network for equipment used in the transportation industries. For example, Meridian is the Master Distributor in Mexico for the complete Stellar Industries product line which includes: truck-mounted hydraulic lifts, body-mounted cranes, service bodies, truck-mounted compressors and welding equipment, and other specialized truck-mounted equipment. Meridian will provide sales, marketing, and all-needed customer service and support for the AuraGen for Mexico.
December 20, 2002, Aura Systems, Inc. filed a PRE 14A announcing the Annual Meeting of Stockholders to be held on February 7, 2003, at 10:00 a.m. Among other things, shareholders will be asked: To consider and act upon a proposal to approve an amendment to Aura Systems’ Certificate of Incorporation increasing the number of authorized shares of Common Stock from 500,000,000 to 1,000,000,000; To consider and act upon a proposal to effect a possible reverse split of its Common Stock; and To consider and act upon a proposal to approve an amendment to its 2000 Stock Option Plan.
MISCELLANEOUS BUSINESS INFORMATION: As of August 31, 2002, the company had an accumulated deficit of $297,331,964 and total stockholder’s equity of $7,641,531.