VANCOUVER, British Columbia, May 24, 2012 /PRNewswire/ -- Northstar Electronics, Inc. (OTCBB – NEIK) is announcing today that they have completed the acquisition of Echotec Sonar, which is now a wholly owned subsidiary of the company. Terms of the deal fall in line with previous announcements and will be fully disclosed in regulatory filings.
With Echotec now being the cornerstone entity of Northstar Electronics, the company plans to aggressively develop innovative, leading edge sonar systems needed by the defense, Homeland Security, commercial shipping, cruise ship and commercial fishing sectors. As well, Echotec will pursue contract opportunities to design, develop and build systems for particular projects in North America and internationally.
Northstar will now be seeking new partners for joint developments, projects and for funding.
Phil Johnson, President of Echotec Sonar, said, "We believe there is good compatibility and synergy between the business interests and objectives of Echotec and Northstar. This was a key factor in our wanting to join forces."
"We saw this as an excellent chance to get back to our original business area, the sonar world, and we will now endeavor to fully capitalize on this opportunity," added Dr. Wilson Russell, CEO of Northstar Electronics. "We are in the process of the disposition of our defense operating subsidiary, focused on contract manufacturing, so this will effectively be a rebranding of Northstar."
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
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
For further information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL,firstname.lastname@example.org, 800-631-8127
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.
SOURCE Northstar Electronics, Inc.
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