Northstar Electronics Announces Loan Settlement
02 Noviembre 2012 - 7:00AM
Marketwired
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
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 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.
For further information contact Rich Kaiser Investor Relations
YES INTERNATIONAL yes@yesinternational.com 800-631-8127
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