Northstar Electronics, Inc. (OTCQB: NEIK) has announced its subsidiary Northstar Sealand Enterprises Ltd. (NSEL) has sought acquisition of worldwide rights and IP for a high-performance turbo-prop industrial aircraft from a major global aerospace group, the company said.
The Aerospace Company presented the main details of this complex transaction to the Canadian government´s Industry, Science and Education Department (ISED), where the plan was met with positive and enthusiastic feedback from the department´s representatives.
This confirmation of interest in this transaction, and its eligibility for substantial offset credits under ISED´s Industry Trade and Benefits program, will now expedite the planned transaction through the Aerospace Company´s internal review processes. Completion of the review will clear the path toward the final stages of negotiations with NSEL.
NEIK is moving forward on its plans to provide financial support for the endeavour, aligning key investors and financial instruments, while NSEL continues its pre-sales efforts and its preparations for a rapid and efficient ramp-up to production, and an expedient rise to profitability.
Northstar Electronics, Inc. has carried out design and manufacturing contracts for various divisions of Lockheed Martin Corporation including LM MS2 (Submarine Command and Control Consoles), LM Canada (Naval Anti-Terrorism System), LM Aeronautics (Parts for P-3 Orion Airplane), and L-3 ( Navy Frigate Command and Control Consoles).