VANCOUVER, BC -- (Marketwire) -- 09/06/12 -- 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
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.
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