Entry into a Material Definitive Agreement
The following discussion provides only a brief description of the documents described below. The discussion is qualified in its entirety by the full text of the documents.
On October 7, 2008 we and our subsidiary, AuraSound, Inc., a California corporation (the "Subsidiary"), entered into a non-binding letter of intent with GGEC America Inc. ("GGEC") pursuant to which GGEC will purchase from us shares of our common stock which, immediately following the consummation of the purchase and sale, will represent approximately 55% of our issued and outstanding shares of common stock (the "Transaction"). GGEC will pay approximately $3 million for these shares.
May 13 /PRNewswire-FirstCall/ -- AURASOUND, Inc. (OTC Bulletin Board: ARAU - News; "AuraSound") announced today that its board of directors has approved definitive transaction documents for the purchase by GGEC America, Inc.
GGEC is in the fianl stages of its due dilience review and has indicated a desire to close the transaction prior to June 30,2009.
Arthur Liu, Chairman and CEO of AuraSound, made the announcement, noting: Guogong
Electronic Co., a Chinese company that owns GGEC, has been our primary supplier since November 2007 and we
are excited that they value our strategic direction, marketing and product designs sufficiently to become our partner
for the future. We have already begun to see our products gaining recognition as a result of our relationship with GGEC
Announced 05/13/09
3.00M for AuraSound, Inc.
Private Placement
AuraSound, Inc. (OTCBB: ARAU) announced a private placement of common shares for gross proceeds of $3 million on May 13, 2009. The transaction will include participation from Guoguang Electric Co., Ltd. The investor will acquire 55% stake in the company in this transaction.
002045's price was unchanged after the transaction was announced on 05/13/09.
Investor / Buyer
Guoguang Electric Co., Ltd.
Business Information
This company profile is for the private company Ggec America, Inc , located in Orange, CA. Ggec America, Inc's line of business is whol electronic parts/equipment.
Address: 770 Citydrive S Ste 8500, Orange, CA 92868
President
Jiaxi Huang
GGEC in China
www.ggec.com
Shenzhen: 002045.SZ
finance.yahoo.com/q
Good Sourcing
www.dev.goodsourcing.com/main/exec/more/mod/corp/uid/0fe3e5e3a2f1uwv4
ARAU as per pinksheets.com
SEC Reporting Company
Est Market Cap
2,105,398 as of Jun 17, 2009
Outstanding Shares
28,071,972 as of Nov 12, 2008
float near 14 million
