VANCOUVER, British Columbia , May 24, 2012 /PRNewswire/ -- Northstar Electronics, Inc. (OTCBB – NEIK) is announcing today that they have completed the acquisition of Echotec Sonar, which is now a wholly owned subsidiary of the company. Terms of the deal fall in line with previous announcements and will be fully disclosed in regulatory filings.
With Echotec now being the cornerstone entity of Northstar Electronics, the company plans to aggressively develop innovative, leading edge sonar systems needed by the defense, Homeland Security, commercial shipping, cruise ship and commercial fishing sectors. As well, Echotec will pursue contract opportunities to design, develop and build systems for particular projects in North America and internationally.
Northstar will now be seeking new partners for joint developments, projects and for funding.
Phil Johnson , President of Echotec Sonar, said, "We believe there is good compatibility and synergy between the business interests and objectives of Echotec and Northstar. This was a key factor in our wanting to join forces."
"We saw this as an excellent chance to get back to our original business area, the sonar world, and we will now endeavor to fully capitalize on this opportunity," added Dr. Wilson Russell , CEO of Northstar Electronics. "We are in the process of the disposition of
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