Northstar Electronics Provides Shareholder Update
19 Juillet 2012 - 4:39PM
Marketwired
Northstar Electronics, Inc. (OTCQB: NEIK) (PINKSHEETS: NEIK)
provides an update on its corporate activities.
The Company is waiting for Empower Technologies Corporation
(EPT) to receive final approval of the transaction from the TSX
Venture Exchange in order to proceed with the closing of the
disposition of the Company's subsidiary, Northstar Network Ltd.
(NNL), to Empower.
Following the closing of the NNL disposition, Northstar plans to
focus its attention on three key areas. The first focal area will
be to accelerate the development and growth of Echotec Sonar, the
Company's recently acquired subsidiary. The second focal area will
be to complete the search and selection of an appropriate company
as an acquisition or merger candidate. The third focal area will be
to increase corporate awareness nationally and internationally
through investor communications outreach, meetings with investment
bankers, and direct outreach to strategic local and international
partners.
As announced recently, Echotec Sonar is making rapid progress in
the development of its 3-D High Definition Sonar (HDS), which
should offer some of the highest resolution in the sonar industry.
We believe that the HDS system under development by Echotec Sonar
will be proven to be one of the most advanced products available
and that upon its launch, many customers across numerous verticals
will find the system cost-effective, operationally effective and
easy to use.
Our plans call for Northstar to support Echotec's growth by
providing enough funding for both accelerated development of the
3-D HDS technology and the commercialization of multiple systems
using it. This will call for an intensive program to raise funds
through equity investments and for increased efforts on market
assessment and development activities to focus on the first
targeted customers. These potential customers fall in two industry
sectors: commercial (shipping, oil tankers, cruise ships, ports,
commercial fishing) and defense (naval ships, naval ports).
Northstar will step up its efforts to find a suitable
acquisition or merger candidate. The main criteria are that the
company's business is synergistic with the Northstar vision and
that it has strong revenues and profits. In terms of synergy, this
means that the company would be in a technology area and/or
business area that is compatible with Northstar, where the two
joining together would be greater than the sum of the parts.
Dr. Wilson Russell, CEO, Northstar, says, "We see Northstar
taking a new road to its future after the disposition of NNL. There
is an opportunity here to forge new business relationships and use
the experiences we've had, both good and bad, to build a stronger
entity. Our objective is to do whatever we possibly can to
accelerate our growth in revenues and build profits in sustainable
ways. We believe we have a good opportunity to greatly improve
shareholder value over the next couple of years."
About Echotec Sonar:
Echotec Sonar Corporation is a wholly owned subsidiary of
Northstar Eletronics, Inc. The founders have over eighty combined
man-years of expertise developing high frequency sonar products
within the defense and commercial industries. Echotec Sonar is a
world leader in this field through experience, technical acumen,
and team diversity, which understands the needs of many defense and
commercial entities. http://www.echotec.ca
About Northstar:
Northstar Electronics, Inc., is a holding company with executive
management specialized in design engineering, defense, advanced
systems, security, sonar, systems integration, and prototyping
fields. Northstar is actively pursuing opportunities through
acquisition, joint venture, or merger to increase revenues and
expand its base of subsidiaries.
http://www.northstarelectronics.com
Safe Harbor Statement
This press release contains forward-looking statements. These
forward-looking statements are based on the current plans and
expectations of management and are subject to a number of
uncertainties and risks that could significantly affect the
company's current plans and expectations, as well as its future
results of operations and financial condition. Such risks include,
but are not limited to, the effects of competition with existing
enterprises and/or new entrants into the company's markets and
industries, fluctuations in currency exchange rates, domestic and
global economic conditions generally, the company's ability to
obtain financing and attract suitable personnel where required to
fully implement its business plan, the adoption and acceptance by
the marketplace of the company's technologies and product and
service offerings, the possibility of new technologies that are
competitive with the company's planned product and service
offerings and the effects of future political and economic
developments both in the United States and abroad, among others.
The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of information,
future events or otherwise.
For further information contact: Rich Kaiser Investor Relations
YES INTERNATIONAL yes@yesinternational.com 800-631-8127
Northstar Electronics (CE) (USOTC:NEIK)
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