NEIK -Northstar Electronics Provides Shareholder Update
9:00a ET August 11, 2010 (Business Wire)
Northstar Electronics, Inc. (OTCBB: NEIK), a company that specializes in engineering, systems integration and contract manufacturing for the aeronautics, defense and homeland security industries, today issued a shareholder update on the company's activities. The update is available on the company's website, http://www.northstarelectronics.com/
The company continues to await formal confirmation of a large add-on order from one of its major customers, as well as several smaller orders from existing and new customers, which, when received, should increase the company's backlog to over US$16.5 million. The company has been invited to bid on what we estimate to be another US$16.6 million worth of contract work.
"Despite our recent public silence, which is due in part to seasonal factors, we are most optimistic about ongoing business developments at the company," said Dr. Wilson Russell, Northstar's CEO. "Although we haven't received the final paperwork, we have been advised in writing that new orders from our customers are in process. We are also working on some very exciting corporate initiatives that we will disclose to the public markets as soon as they are finalized. We are highly confident in meeting our short term goals, the first -- continue to increase revenues, which have almost doubled this past two years, the second -- increase our prospective contract pipeline, and the third -- continue performance improvements to bring us to profitability. This is a dynamic growth period for Northstar and we thank our loyal shareholders for their patience and support."
For further information contact Beverly Jedynak, Media Relations, Martin E. Janis & Company, Inc., 312-943-1123, email@example.com and/or Rich Kaiser, Investor Relations, YES INTERNATIONAL, firstname.lastname@example.org, #800-631-8127
About Northstar Electronics, Inc.
Northstar Electronics Inc., through its subsidiaries, Northstar Network Ltd. and Northstar Technical Inc., provides engineering, systems integration, prototyping and production services to the defense, aerospace and Homeland Security industries. 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.
SOURCE: Northstar Electronics, Inc.
Martin E. Janis & Company, Inc.