Northstar Electronics, Inc.’s (NEIK) Progress UpdatePress Release | 03/21/2018
VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) -- Northstar Electronics, Inc. (OTCQB:NEIK) provides an updated report on its subsidiary, Northstar Sealand Enterprises Ltd. (NSEL). NSEL continues to work diligently to acquire a “Definitive Agreement” for the worldwide rights to a “Turbo Prop” single engine industrial airplane from a world leader in the aerospace industry. The primary applications of the airplane are for “Agriculture” and “Rapid Response Forest Fire Fighting (RRFFF),” where the needs for both variants of the airplane are high. Management continues to interact weekly with senior managers in the international aerospace company and its subsidiary.
The Company believes the new design features of the NSEL “Agriculture and Rapid Response Forest Fire Fighting” airplanes will quickly lead to it being a leader in its class.
There is a strong possibility that the large aerospace company will use NSEL’s transaction as an “Offset,” which means that much of NSEL’s acquisition costs, including the “Intellectual Property (IP),” prototype, etc., would be covered by them. The valuation of the “Offset” is currently underway.
Cloud Seeding, using a variation of the RRFFF airplane, is being considered as more and more countries face severe water shortages.
NEIK also see significant potential in the field of Counter Insurgency (COIN), and management is exploring future possibilities in this sector. In particular, NEIK’s intention for the future is to develop a “Surveillance Aircraft,” as the requirements for it are similar to those of its subsidiary NSEL’s commercial versions.
Based on the commercial versions, the Surveillance aircraft would be able to fly very low, away from radar detection. NSEL’s plane would be light (20% less than its main competition) with the same engine and power, and would be able to carry +1,500 kg of equipment. It would be the least expensive airplane to operate and it has excellent performance capabilities. Its landing gear would allow the airplane to land on improvised runways, which is excellent for surveillance in remote areas with no infrastructure.
Management will continue to explore the Surveillance opportunity with the intent of taking action on it, once the “Agriculture and RRFFF” versions are well established in the marketplace.
Once agreements are signed-off with the international aerospace company and its subsidiary for the worldwide rights, the Company has plans to move forward, in marketing the airplanes, establishing additional infrastructure, securing pre-production orders, and expanding MRO capability, among other activities.
For further information about this news release contact, Rich Kaiser, Investor Relations, YES INTERNATIONAL, 757-306-6090, and yes@yesinternational.com. And, for Corporate Communications contact, Eddie Cruz, Cruz Capital Advisors, 800-972-1656.
