VANCOUVER, British Columbia
Northstar Electronics, Inc. (OTCBB:NEIK.ob - News) announced that its wholly owned subsidiary, Northstar Network Ltd. (NNL), has received new purchase orders from Lockheed Martin Aeronautics Inc. totaling approximately $2,400,000 for work on the P-3 Mid-Life Upgrade (MLU) Program. The new work is under the umbrella of a $16.4MM Master Purchase Order (MPO) contract previously announced by Northstar. Production for this work is scheduled to be completed by the end of 2012.
Northstar is manufacturing components and assemblies for new production Service Life Extension kits for the wing upgrade for the P-3 Orion. Lockheed Martin's P-3 MLU Program is the only certified, low-risk and cost-effective solution to extend aircraft service life. The MLU replaces the aircraft outer wings, center wing lower section and horizontal stabilizer with new production components. It removes all current P-3 airframe flight restrictions and will add more than 15,000 flying hours to each aircraft, representing 15 to 20 additional years of service for this critical maritime patrol and reconnaissance resource. There are more than 430 P-3 aircraft in the worldwide fleet.
Terry McLeod, Northstar’s VP-Operations and Planning, added, “Our relationship with Lockheed Martin continues to grow, showing the success of their upgrade program and the ever-growing interest from global P-3 users. We now have 21 new aircraft commitments this year under the existing MPO and have been advised of further production increases under the current program. The strong production commitments will support our present plans for NNL’s facility expansions in the near future.”
Northstar Electronics, Inc., through its subsidiary, Northstar Network Ltd. (NNL), provides specialized engineering, systems integration, prototyping and production services primarily to defense and Homeland Security prime contractors. NNL is a systems integrator and supply chain manager that, together with its affiliated companies and educational institutions, offers industry-leading capabilities in systems integration, design engineering, precision machining, sheet metal fabrication and electronic contract manufacturing. Web:www.northstarelectronics.com
About Lockheed Martin:
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion. Web: www.lockheedmartin.com
Safe Harbor Statement: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Although the Company believes that such 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.