SOURCE: Northstar Electronics, Inc.
VANCOUVER, BC--(Marketwire - Nov 26, 2012) - Northstar Electronics, Inc. (OTCQB: NEIK) has received notice that the intended purchase of its subsidiary, Northstar Network Ltd (NNL) has been canceled by Empower Technologies Corporation. It is the Company's opinion that it was in compliance with all provisions of the Definitive Share Purchase Agreement including loan agreements. Previous unrelated loan settlements regarding ongoing debt obligations of NNL remain in place.
Northstar is making plans to increase support of NNL's activities to carry out an existing long-term contract and to pursue additional project opportunities with a major contractor.
Northstar through its subsidiary Echotec Sonar continues its development and planned sales of the 3-D Sonar product.
Northstar Electronics, Inc., is a holding company with executive management specialized in design engineering, defense, advanced systems, security, sonar, systems integration, and prototyping fields. Northstar is actively pursuing opportunities through acquisition, joint venture, or merger to increase revenues and expand its base of subsidiaries. http://www.northstarelectronics.com or via new phone number 604-5581199
For further information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, firstname.lastname@example.org, 800-631-8127
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as its future results of operations and financial condition. Such risks include, but are not limited to, the effects of competition with existing enterprises and/or new entrants into the company's markets and industries, fluctuations in currency exchange rates, domestic and global economic conditions generally, the company's ability to obtain financing and attract suitable personnel where required to fully implement its business plan, the adoption and acceptance by the marketplace of the company's technologies and product and service offerings, the possibility of new technologies that are competitive with the company's planned product and service offerings and the effects of future political and economic developments both in the United States and abroad, among others. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of information, future events or otherwise.