NEIK news....and oh my, Lockheed Martin and that big number after the $$ sign.....kewl beans...can't wait to see the financials that should be coming soon.
NORTHSTAR ELECTRONICS INC: LOCKHEED MARTIN CORP - Northstar/Lockheed Martin
Canada Sign MOU for Pursuit of $2.8 - Billion Defense Program
New York, New York, Feb 06, 2001 (Market News Publishing via COMTEX) --
Northstar Electronics Inc. announced that Northstar Network Ltd., its subsidiary
for the defense and aerospace sectors, signed a Memorandum of Understanding with
Lockheed Martin Canada, a unit of Lockheed Martin Corp. (NYSE:LMT), for the
pursuit of the Canadian federal government's $2.8 billion Maritime Helicopter
Program.
Northstar Network is a unique organization aimed at carrying out national and
international electronic and software contracts. One of its primary strengths
derives from its affiliate program. Currently 15 high technology companies and
research, development and training institutions are Northstar Network
affiliates. Their combined expertise covers a wide range of technology
capabilities including fiber optics, microelectronics design, advanced
electronic manufacturing, electromechanical design, software development and
systems integration. More than 1,500 professional and support personnel are in
the network.
"We are pleased to be able to add the Northstar Network to our all-Canadian
team," said Dan Spoor, president and chief executive officer of Lockheed Martin
Canada. "The member companies of Northstar Network provide us with a tremendous
pool of talent that we believe will complement our efforts. I believe that this
arrangement has potential to extend beyond this program, and we look forward to
exploring other opportunities where there might be synergy."
The Canadian federal government announced its intention to purchase 28 maritime
helicopters to replace the aging fleet of Sea Kings in August 2000. The
procurement of the fleet is being conducted through two separate competitions in
which the basic vehicle will be selected by 2001 and a mission systems
integrator by late 2002. Delivery of the first fully integrated mission-ready
helicopter is scheduled for late 2005.
Rear Admiral (Ret'd) Ken Summers, president of Northstar Network, stated, "We
are delighted that Northstar Network is a member of the Lockheed Martin Canada
team. We are excited about the MHP project and also about working with Lockheed
Martin on other major defense contracts."
Dr. Wilson Russell, CEO of Northstar Electronics, added "This MOU is a huge step
towards achieving our overall growth objectives for Northstar Electronics over
the next few years."
About Lockheed Martin
Lockheed Martin is the world leader in maritime mission systems integration
having delivered more than 300 helicopters to countries throughout the world. As
prime contractor for both the United Kingdom's fleet of Merlin helicopters and
the U.S. Navy's SH-60R, Lockheed Martin has demonstrated its ability to deliver
state-of-the-art mission systems that meet the needs of maritime aviation.
About Northstar Electronics Inc.
Northstar Electronics Inc. is the parent company of both Northstar Network Ltd.
and Northstar Technical Inc., which develops wireless communications systems for
underwater applications. Northstar Technical also is currently manufacturing
submarine control consoles under contract to Lockheed Martin in Manassas, Va.
Note: Included in this release are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and is subject to the safe harbour
created by those sections. Although the company believes the 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 from
those anticipated in the forward-looking statements as a result of certain
internal and external factors.
CONTACT: TEL: 213/488-0443 Magnum Financial Group
Kari Rundquist, kari@magnumfinancial.com
TEL: 800/631-8127 YES International, Rich Kaiser
EMAIL: yes@yesinternational.com
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
(C) 2001 Market News Publishing Inc.
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KEYWORD: New York, New York
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