Virginia Beach, VA, Jan. 10, 2017 (GLOBE NEWSWIRE) -- Northstar Electronics, Inc.(NEIK:OTCQB), the “Company”, provides a Recap of the main events of 2016.
To summarize, the Company’s primary objectives for 2016 were two fold. One was to improve the Company’s standing as a publicly traded platform. The second was to make significant progress for the Company’s subsidiary, Northstar Sealand Enterpisees Ltd. (NSEL), to secure the exclusive worldwide ownership rights to the enhanced version of a single engine Turbo-Prop industrial airplane owned by the subsidiary of a major international aerospace company. NSEL intends to manufacture, market and sell the airplane and also carry out Maintenance, Repair and Overhaul (MRO) services.
During the year, the Company achieved its goals of becoming current with its SEC filings and returning to the OTCQB trading platform, actions fundamental to the Company’s future success.
With respect to the acquisition of the rights to the airplane, significant progress was made on key matters. Agreement with the aerospace company subsidiary was reached during the year on the main technical issues. As well, strong progress was made on project scheduling and cost estimates.
At year’s end, NSEL and the aerospace company subsidiary signed a milestone Memorandum of Understanding (MOU). The MOU outlines the key actions and goals to be reached in order for both parties to implement their business plans going forward. The signing of this MOU is a major step which ultimately should lead to NSEL reaching its manufacturing and marketing objectives within a reasonable time frame.
GOALS FOR 2017
The Company’s goals for NSEL in 2017 are to finalize the acquisition of the exclusive worldwide rights to the Turbo Prop industrial airplane and initiate the transfer of the Type Certificate to NSEL, to initiate the establishment of first order technical support, to put in place a Supply Chain Management system, to initiate the marketing campaign and to secure the first sales orders for the airplane.
We will be approaching institutional investors and venture capital companies for the funding needed to grow the company. As well, we will explore funding opportunities through certain government support programs.
About Northstar Electronics, Inc.
Northstar was established in the late 1990’s. The Company has 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. Since termination of the above contracts Northstar has been seeking other strategic relationships
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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.