SOURCE: Northstar Electronics, Inc.

Northstar Electronics, Inc.

February 08, 2011 09:00 ET

Northstar Electronics (NEIK) Identifies Significant Revenue Growth Prospects for Fiscal Year 2011

VANCOUVER, BC--(Marketwire - February 8, 2011) - Northstar Electronics, Inc. (OTCBB: NEIK) today announced that the executive management team has begun an aggressive program to expand top-line revenue growth for the Company during 2011. The Company expects to double revenue during 2011 through strategic acquisitions of private companies in the aerospace and marine industries, as well as continued internal growth. 

Dr. Wilson Russell, the Company's chief executive officer, stated, "We believe that there are a number of strategic fits within our organization that will enhance our gross profit margins, increase shareholder value and add incremental services that we can provide to our customer base."

The Company has targeted two potential acquisitions that would greatly increase current revenues. Any such transactions would be structured so as to be accretive and non-dilutive on a per-share basis. The Company is in current discussions with financial resources utilizing traditional financing methods.

As of December 31, 2010, the Company had a contract backlog of US$11.5 million which is anticipated to be completed over a 24-month period. Additionally, the Company has bid on or expects to be bidding on, during 2011, new contracts in the defense and aerospace industries with a total value exceeding US$32.0 million.

Dr. Russell concluded, "The recent contracts awarded to us by Lockheed Martin and L-3 have given the Company increased credibility in our industry, allowing us to now leverage our ability to win larger contracts, in part, by acquiring other contractors which have synergistic technical expertise and their own strong customer relationships."

For further information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, yes@yesinternational.com, #800-631-8127 and/or Beverly Jedynak, Media Relations, Martin E. Janis & Co, Inc., bev@janispr.com, 312-943-1123

About Northstar Electronics, Inc.:

Northstar Electronics, Inc., through its subsidiary, Northstar Network Ltd., provides engineering, systems integration, prototyping and production services to the defense and Homeland Security industries. NNL is a systems integrator and supply chain manager that, together with its 25+ affiliated companies and educational institutions, offers industry-leading capabilities in systems integration, design engineering, precision machining, mechanical fabrication, electronic contract manufacturing and information technology. www.northstarelectronics.com

Safe Harbor: Included in release are 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 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.

Contact Information

  • Contact
    Rich Kaiser
    800-631-8127