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Aura Files All Past-Due 10-K and 10-Q Reports with the Security Exchange Commission

Aura Files All Past-Due 10-K and 10-Q Reports with the Security Exchange Commission

Aura Systems, Inc. (Pink Sheets:AUSI) announced today that it completed the independent audits for fiscal years ended on Feb 28, 2005, 2006, 2007 and filed the 10-K reports with the SEC. In addition, Aura also filed the reviewed quarterly reports (10-Qs) for the fiscal years 1995, 1996, and 1997. The Company is now current with all the required filings.

Mel Gagerman, Aura’s CEO, said, “It took a very long time to complete the audits and file the corresponding required 10-K and 10-Q reports. We have now filed the 10-K reports for fiscal 2005, 2006 and 2007 and the nine 10-Q reports covered by the period. Prior to these filings, the last time the Company filed the required reports were for fiscal 2004. The Company, while under previous management, was delisted in 2005 for failing to file the required reports and subsequently filed for Chapter 11 reorganization in June of 2005. The Company emerged from Chapter 11 under a reorganization plan with complete new management on February 1, 2006. The primary reason for the long delay to complete the audits and file the required reports, was locating required and relevant records for fiscal years 2005 and 2006 that were scattered throughout the facility.”

Mr. Gagerman added, “Completing the audits and being current with all the SEC filings is a key step in rebuilding the Company’s credibility with our shareholders and the financial community. We plan to file a proxy statement and have our first annual shareholders meeting since the reorganization. We will also aggressively and diligently pursue listing the Company on the Bulletin Board or on Small-Cap NASDAQ. As soon as our proxy will be approved and the annual meeting held we will have completed the reorganization plan.”

“Notwithstanding the effort and monies spent to bring Aura into compliance with the SEC filing requirements, the Company has been aggressively advancing the acceptance of its patented axial induction technology incorporated in the Auragen/Viper product line. The Company now has a backlog of over $5.6 million for its mobile power systems,” Gagerman concluded.

About Aura Systems, Inc.

Aura Systems Inc. is the developer and provider of the AuraGen/VIPER mobile electric power solution where the vehicle engine is the prime mover. The Company’s AuraGen/VIPER is now available in 5 kW, 8 kW and 16 kW continuous power levels. All power levels are available in configurations that provide AC or a combination of AC and DC power. The AC power is available in 120 VAC or 240 VAC or both voltages simultaneously. The DC power levels are available in 14 VDC or 28 VDC or both simultaneously. Later in the year the Company will offer a 230 VAC 3 phase solution and support for European and Asian AC standards.

For more information, see the Company's website

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