VANCOUVER, BC -- (Marketwire) -- 11/02/12 -- Northstar Electronics, Inc. (PINKSHEETS: NEIK) has been working closely with Empower Technologies to negotiate the principal terms of existing loans to be assumed by Empower at the closing of the Northstar Network Limited (NNL) transaction. Following several months of negotiations, we are pleased to announce that a settlement agreement has been signed with NNL's major creditor.
The terms and conditions of the settlement are confidential, but both companies view this settlement as a significant and positive step for NNL in its path forward to profitability. With this settlement complete, Northstar Electronics can now secure consent from the major creditor for the sale of NNL to Empower. This consent will enable Empower to finalize all confirmations necessary to close out creditor guarantees as part of the sale.
Following the closure of this settlement, the transaction closing date has been extended to November 30, 2012, however, both Northstar Electronics and Empower are working toward garnering all approvals, including regulatory ones, and executing the transaction as quickly as is feasible.
About Echotec Sonar:
Echotec Sonar Corporation is a wholly owned subsidiary of Northstar Electronics, 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
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 or via new phone number 604-558-1199.
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.
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