Northstar Electronics, Inc. (OTCBB:NEIK) announces that its wholly owned subsidiary, Northstar Network Ltd. (NNL), has been awarded additional contract work on the Canadian Halifax Class, Frigate Upgrade Program from L-3 MAPPS (NYSE:LLL) totaling US$450,000.
The new work is part of L-3’s Integrated Platform Management System and specifically relates to additional control panels for engine room and landing craft deck areas as well as other machinery control facilities. A similar project increase is anticipated shortly for associated equipment connection installations associated with the supply of control consoles throughout the ship.
In June, the Company completed a private placement in a unit offering with a unit comprised of a common share and a half warrant. A full warrant is exercisable within a three year term.
Dr Wilson Russell, Northstar’s CEO, says, "The Company continues progress with its contract with L-3. We expect new contracts shortly from other sources and we expect to expand our contract base over the next 6-12 months with both existing and new customers in the defense and aerospace areas. We expect to raise additional capital over the next few months in support of these business prospects."
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.
About L-3 Communications MAPPS Inc.:
L-3 MAPPS, a division of the L-3 Marine & Power Systems group, has over 25 years of experience in pioneering technological advances in the marine automation field and over 35 years of experience in delivering high-fidelity power plant simulation to leading utilities worldwide. In addition, the company has more than three decades of expertise in supplying plant computer systems for Canadian heavy water reactors. L-3 MAPPS also provides targeted controls and simulation solutions to the space sector. The Company is based in Montreal.
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.