Northstar Electronics Receives New Orders for the P-3 Service Life Extension Project

Dépèche transmise le 10 mars 2011 par Business Wire

VANCOUVER, British Columbia--(BUSINESS WIRE)--Northstar Electronics, Inc. (OTCBB:NEIK) announced that its wholly owned subsidiary, Northstar Network Ltd., has received new purchase orders from Lockheed Martin Aeronautics Inc. totaling approximately US$1,000,000 for work on the P-3 Service Life Extension Project (ASLEP). The new work is under the umbrella of a Master Purchase Order (MPO) previously announced by the Company. Production for this work is scheduled to be completed within one year.

“These conversions indicate my confidence in our future prospects”

Northstar is manufacturing components for new production service life extension kits for the P-3, a maritime surveillance aircraft used internationally by coast guards and other government agencies. These components will add more than 15,000 flying hours to each aircraft, representing 15 to 20 additional years of service for this critical maritime patrol and reconnaissance resource.

Dr. Wilson Russell, Northstar’s CEO, commented, “The Company’s relationship with Lockheed Martin remains strong and we have been advised to expect an increased flow of additional work, under the existing MPO and from other contracts, in the next few months. Our management team expects to meet our aggressive goals for this year as referenced in our February, 2011 news release.”

On an unrelated matter, the Company also announced that Dr. Russell has converted US$200,000 of outstanding loans made by him to the Company into common stock at a conversion price of US$0.18 per share. "These conversions indicate my confidence in our future prospects," Dr. Russell stated.

About Northstar:

Northstar Electronics, Inc., through its subsidiary, Northstar Network Ltd. (NNL), provides specialized engineering, systems integration, prototyping and production services primarily to defense and Homeland Security prime contractors. The Company is currently an approved contractor with Lockheed Martin, BAE, and L-3 Communications and pending with several other prime defense contractors. NNL is a systems integrator and supply chain manager that, together with its affiliated companies and educational institutions, offers industry-leading capabilities in systems integration, design engineering, precision machining, mechanical fabrication, electronic contract manufacturing and information technology.

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

Les plus belles photos d'avions
Airbus A320-232 (G-GATS) Boeing 737-8MG/WL (G-JZBI) Boeing 737-8MG/WL (G-JZBN) Boeing 737-85P/WL (G-JZBU) Boeing 737-8K5/WL (G-JZHB) Boeing 737-85P/WL (G-JZHG)