VIRGINIA BEACH, Va., June 19, 2019 (GLOBE NEWSWIRE) -- Northstar Electronics Inc. (“Northstar,” the “Company”) (NEIK)
Northstar is pleased to announce that it has signed an agreement with a global leader in the aerospace industry, to enable a cashless acquisition of worldwide rights for a family of single engine Turbo-Prop industrial aircraft. Northstar is now working with that company to secure the approval of this agreement for credit under international industrial offset commitments, and to make contractual arrangements for key technical support services as we prepare for production.
To bring our new aircraft to market, Northstar is planning an international expansion through strategic regions and a comprehensive approach to manufacturing, sales, and support. The Company’s primary markets will be Agricultural Aviation, including Crop Seeding and Dusting, as well as Rapid Response Forest Fire-Fighting, all proven markets with increasing global demand. In addition, Northstar plans to leverage its new aircraft design features to become a leader in other emerging markets, such as Cloud Seeding.
With first related revenues as early as 2020, Northstar projects its sales of Aircraft, as well as Aircraft Parts, Support Equipment, and Maintenance, Repair and Overhaul services, to grow to over USD34 Million by 2024, while achieving an EBITDA of 27% of annual revenue.
Northstar CEO Dr. Wilson Russell comments, “This is a special milestone for Northstar in our plans to become a global player in the aviation field. Having secured the IP Rights, we can now focus on working with the overseas company to eventually reach the stage whereby Northstar will be manufacturing the Aircraft.”
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.
Safe Harbor Statement: This press release may include predictions, estimates, opinions or statements that might be considered "forward-looking" under the provisions of the Private Securities Litigation Reform Act of 1995. Such statements generally can be identified by phrases such as the Company or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," or other, similar words or phrases.
Contact: Rich Kaiser