Echotec and Northstar Electronics Targeting Strong Growth in Business Operations
06 Septembre 2012 - 3:30PM
Marketwired
Northstar Electronics, Inc. (PINKSHEETS: NEIK) provides this
update.
As announced on August 23, 2012, Echotec Sonar, a division of
Northstar Electronics, plans to launch its 3D High Definition Sonar
before the end of 2012. In anticipation of baseline investment from
the market, Echotec Sonar is positioned to sell to the cash rich
commercial fishing industry in more than 6 countries. Having gained
strong interest from distributors currently selling to the worlds'
pelagic fishing fleets, Echotec is projecting rapid sales growth as
word spreads.
"By the end of the first year, we anticipate that the Echotec
division of Northstar will be in a cash positive position, allowing
us to add the defense, Homeland Security, and commercial shipping
markets to our future customer base," said Dr. Wilson Russell, CEO
of Northstar Electronics.
Phillip Johnson, Echotec Sonar's President, noted, "The High
Definition Sonar Platform was designed for easy software upgrades
and to meet the needs of more sophisticated markets than commercial
fishing. Given our current planning, we expect to be able to have a
tested and working design for many types of object detection and
security before the end of 2013.
The HDS will be configured for ships using a 6-inch sea chest
within the commercial fishing fleet and the 6-inch AN/UQN-4 sea
chest found on all US Navy vessels. We have adopted this approach
to focus on the simplest configuration before launching into the
more sophisticated military and commercial security markets. This
allows us to quickly get product out the door, while still focusing
on expert system configuration items."
Echotec has recently been contacted by three European dealers
interested in providing value added reselling capabilities and
representation of the new Echotec system in their respective
countries.
Echotec plans to expand its operation using three teams; one for
military configurations, one for the commercial security market,
and one for the commercial fishing markets. We are currently
reviewing Canadian and American ISO9001 certified manufacturers to
find the best fit for our designs. We are also working to achieve
high manufacturing cost efficiencies while ensuring the highest
product quality.
Following the closing of the expected sale of Northstar Network,
Northstar Electronics will be aggressively pursuing the acquisition
of an additional private company. The acquisition targets will
possess advanced technology that is based in the defense or
homeland security industries, will be complimentary in nature to
that of Echotec Sonar, and will be focussed on North American
markets. These companies will already be profitable and have long
term contracts and projects underway that allow them to continue
strong revenue growth with known, realistic revenue targets.
Candidate companies may be in the areas of system integration for
port security, marine mapping systems, ship operations management
systems, marine communications, interface technologies for land,
sea, air defense systems, specialized prototype production house
for advanced electronic systems, etc. Of special interest to our
shareholders and potential shareholders, the expected acquisition
should enhance both our balance sheet and our P&L Statement
from which we should have an enhanced value per share.
Northstar plans to begin the process of re-obtaining its OTCQB
listing status. We expect to file, soon, with the SEC, an amendment
to the audited financials along with an auditor report and
continue, thereafter, to submit annual and quarterly financial
statements on time to maintain our SEC reporting status
indefinitely.
Transparency has been and will continue to be at the forefront
of our priorities as we achieve and maintain revenues and
profitability through the development of Echotec's business and
through the expected next acquisition.
About Echotec Sonar: Echotec Sonar Corporation is a wholly owned
subsidiary of Northstar Electronics, 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 a 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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