VIRGINIA BEACH, Va., Jan. 10, 2019 (GLOBE NEWSWIRE) -- Northstar Electronics, Inc. (NEIK) is pleased to provide an update to its shareholders on a key milestone achieved by its subsidiary, Northstar Sealand Enterprises Ltd. (NSEL), on a major acquisition.
As previously reported, NEIK and NSEL have been working closely with a major global Aerospace Company with the objective to acquire the worldwide rights and IP for a high-performance Turbo-Prop industrial aircraft.
Recently, the Aerospace Company presented the main details of this complex transaction to the Canadian government’s Industry, Science and Education Department (ISED), where the plan was met with positive and enthusiastic feedback from the department’s representatives. This confirmation of interest in this transaction, and its eligibility for substantial “Offset” credits under ISED’s Industry Trade and Benefits program, will now expedite the planned transaction through the Aerospace Company’s internal review processes. Completion of the review will clear the path toward the final stages of negotiations with NSEL.
To this end, NEIK is moving forward on its plans to provide financial support for the endeavour, aligning key investors and financial instruments, while NSEL continues its pre-sales efforts and its preparations for a rapid and efficient ramp-up to production, and an expedient rise to profitability.
For more details about Northstar Electronics and its subsidiary, Northstar Sealand Enterprises, Ltd., refer to the Company’s website, www.northstarelectronics.com.
About Northstar Electronics, Inc.
Northstar Electronics, Inc. (NEIK), established in the late 1990’s, carried out design and manufacturing contracts for various divisions of Lockheed Martin Corporation including LM MS2 (Submarine Command and Control Consoles), LM Canada (Naval Anti-Terrorism System), LM Aeronautics (Parts for P-3 Orion Airplane), and L-3 ( Navy Frigate Command and Control Consoles). Northstar also designed, manufactured, and sold its own sonar-based system to commercial customers. In the past few years, Northstar has moved towards making and selling its own independent systems, www.northstarelectronics.com.
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