Echotec Sonar to Launch Its New 3D High Definition Sonar in Late 2012
23 Agosto 2012 - 10:30AM
Marketwired
Northstar Electronics, Inc. (OTCBB: NEIK) provides this update.
Echotec Sonar, a division of Northstar Electronics, plans to
launch its 3D High Definition Sonar before the end of 2012. In
anticipation of baseline investment from the market, Echotec Sonar
is positioned to sell to the cash rich commercial fishing industry
in more than 6 countries. Having gained strong interest from
distributors currently selling to the world's pelagic fishing
fleets, Echotec expects rapid sales growth as word spreads.
"By the end of the first year, we anticipate that the Echotec
division of Northstar will be in a cash positive position, allowing
us to add the defense, Homeland Security, and commercial shipping
markets to our future customer base," said Dr. Wilson Russell, CEO
of Northstar Electronics.
Phillip Johnson, Echotec Sonar's President, noted, "The High
Definition Sonar Platform was designed for easy software upgrades
and to meet the needs of more sophisticated markets than commercial
fishing. Given our current planning, we expect to be able to have a
tested and working design for many types of object detection and
security before the end of 2013.
"The HDS will be configured for ships using a 6-inch sea chest
within the commercial fishing fleet. We have adopted this approach
to focus on the simplest configuration before launching into the
more sophisticated military and commercial security markets. This
allows us to quickly get product out the door, while still focusing
on expert system configuration items.
"Echotec plans to expand its operation using three teams, one
for military configurations, one for the commercial security
market, and one for the commercial fishing markets. We are
currently reviewing Canadian and American ISO9001 certified
manufacturers to find the best fit for our designs. We are working
to achieve high manufacturing cost efficiencies while ensuring the
highest product quality."
Following the closing of the sale of their other subsidiary,
NNL, Northstar Electronics will be aggressively pursuing the
acquisition of an additional private company. The acquisition
targets will possess advanced technology that is based in the
defense or homeland security industries, will be complimentary in
nature to that of Echotec Sonar, and will be focussed on North
American markets. These companies will already be profitable and
have long term contracts and projects underway that allow them to
continue strong revenue growth with known, realistic revenue
targets.
About Echotec Sonar:
Echotec Sonar Corporation is a wholly owned subsidiary of
Northstar Eletronics, Inc. The founders have over eighty combined
man-years of expertise developing high frequency sonar products
within the defense and commercial industries. Echotec Sonar is a
world leader in this field through experience, technical acumen,
and a team diversity, which understands the needs of many defense
and commercial entities. http://www.echotec.ca
About Northstar:
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
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.
For further information contact Rich Kaiser Investor Relations
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