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Northstar Electronics Provides Company Update, Including $6M in Current Contracts

Dépèche transmise le 19 octobre 2011 par Business Wire

VANCOUVER, British Columbia--(BUSINESS WIRE)--Northstar Electronics, Inc. (OTCBB:NEIK) is providing a company update to shareholders in regards to active and outstanding business for Q4, 2011 and early 2012.

The Company currently has contracts with two divisions of Lockheed Martin, one for parts for the P3 aircraft refurbishment and the other for submarine console fabrication. As well, the Company has a contract with L-3 MAPPS to fabricate consoles for the Canadian Frigate Upgrade Program. The total value of the contracts is approximately US$6 million. It is large scale contracts such as these with nationally recognized companies that should continue to show our shareholders quality, growth, and a long term positive outlook for Northstar Electronics.

Dr. Wilson Russell, Northstar’s CEO, says, “We are developing measures to increase our gross profit margins and add services that could provide benefit to our existing customers. We have made progress in 2011 so far toward attaining certain of our goals. We are currently working to strengthen our financial position through private placement funding, which we expect will provide sufficient working capital to allow us to carry out our contracts more efficiently and will put us in position to aggressively pursue new contracts and increase the values of existing contracts. Our anticipated improved financial position should lead to higher margins and an increase in shareholder value.“

About Northstar:

Northstar Electronics, Inc., through its subsidiary, Northstar Network Ltd. (NNL), provides specialized design engineering, systems integration, prototyping and production services primarily to defense, aerospace and Homeland Security prime contractors. In particular, NNL designs and builds high performance sonar systems for customers and, together with its affiliated companies, carries out precision machining, sheet metal fabrication and electronic contract manufacturing.

Web: www.northstarelectronics.com

Safe Harbor Statement: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Although the Company believes that such expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove correct. The Company’s actual results could differ materially from those anticipated in the forward-looking statements.

Business Wire

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