Despite the strange sequence of the catalogue numbers, an April 1945 release for this record cannot be ruled out as ARA seems to be a very special company. I knew that from another source before I read this most interesting summary in Iván Santiago-Mercado's Peggy Lee Bio-Discography:
VII. Ara Records
A music company that concentrated on releasing big band and popular music, Ara Records is listed in various sources as having started operations in 1943. The company was originally owned by Boris Morros, who administered it with the help and supervision of his son Richard Morros. A Russian by birth, Morros senior has gone into the history annals as not only a music and movie media figure (owner of a record label and a sheet music company, film producer at Paramount Studios) but also as a double spy, working first for the Soviet Unit and, from 1947 onwards, for the FBI.
Considering his involvement in such activities, perhaps Ara Records was not one of Boris Morros' primary concerns. The record company could have even served as a pretext or a "front" for other endeavors. Despite its alleged 1943 opening date, I have found no evidence of releases during that year or even the next one. The earliest known issues are two 78 discs numbered 101 and 102, both by Joe Reichman & His Orchestra, and believed to have been released in early 1945.
In mid-1945, the Morros sold their interest to another pair of father-and-son businessmen, Samuel and Mark Leff, who in turn sold their interest in mid-1946. The Leffs, the Morros, and attorney Morton Garbus were said to be in charge of Ara's stock when, around September 1946, the company closed, went into receivership, and became embroiled in lawsuits. The Leffs settled in 1949.
The company's catalogue of 78 rpm releases did not reach the 200 mark. The last issue listed in discographies is Ara #162, by Lou Bring & His Orchestra. Another obscure, minor company -- Rem -- went on to reissue some of Ara's titles in the 1950s. (A different record company called Ara but dedicated mostly to country music started operations in 1964. It proved short-lived as well, closing in 1968.)
Billboard review date added to the notes, plus a previous mention in the Advance Record Releases. Anyway I guess that April 1945 was not the first release date of this record, as ARA RM 117 was already advertised in March 1945 and Frances Langford's own ARA RM 111 was already released in February 1945, see Billboard of Feb 3, 1945, p. 20 ("Popular Record Releases From February 1 thru February 8").