$2.2 Million Canadian Government Financing for Northstar Project.Business Editors NORTHSTAR ELECTRONICS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NEIK) reports that the Canadian government's Atlantic Innovation Fund The Atlantic Innovation Fund (AIF) is a financing program run by the Atlantic Canada Opportunities Agency (ACOA) to help Canadian organizations in Atlantic Canada to develop innovative products and services. This program is highly-competitive. will be providing $2,200,000 of financing for development of a new line of advanced products applying Northstar's innovative subsea communications technology. "This AQUACOMM project will incorporate new leading edge technologies into our core sonar and underwater wireless communications technology and will result in broader commercial applications," noted Dr. Wilson Russell, Northstar Electronics president. "The first application was the NETMIND system which has gained increasing market share in the world's commercial fishing industry over the past three years." This financing is being provided by the Innovation Fund to the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Northstar Technical Inc., under a Letter of Intent. The funds are provisionally repayable based on the revenue stream from the new AQUACOMM products. Additional financing for the $3,700,000 development project will come from a combination of scientific research tax credits, equity investment, retained earnings and a research grant. AQUACOMM is Northstar's second generation sonar technology and products program. The latest subsea technologies in communications, battery technology, sonar and power management will be incorporated into prototypes of new products in the fishing industry and to new applications in other industrial sectors such as defense, offshore oil and gas, oceanography oceanography, study of the seas and oceans. The major divisions of oceanography include the geological study of the ocean floor (see plate tectonics) and features; physical oceanography, which is concerned with the physical attributes of the ocean water, such as , marine transportation and environmental. Targeted applications: in Defense, secure, covert wireless communications; in Offshore Oil and Gas, mooring line monitoring, precise underwater position measurement, flowline/pipeline hook-up control, remote control of subsea wellheads; in Oceanography, Autonomous Underwater Vehicle | An Autonomous Underwater Vehicle (AUV) is a robot which travels underwater. Sometimes called Unmanned Underwater Vehicles, these devices are powered by batteries or fuel cells and can operate in water as deep as 6000 meters. (AUV AUV Action Utility Vehicle AUV Autonomous Underwater Vehicle AUV Autonomous Unmanned Vehicle AUV Asian Utility Vehicle AUV Accumulation Unit Value AUV Average Unit Volume AUV Astronomska Udruga Vidulini (Croatia) AUV Annualized Unit Volume ) subsystems; in Marine Transportation, remote seaway monitoring; and in Environmental, remote environmental monitoring. ABOUT NORTHSTAR ELECTRONICS, INC. Northstar Electronics, Inc. is the parent company of Northstar Network Ltd. and Northstar Technical Inc. Northstar Network carries out design, manufacturing and system integration for defense, aerospace and homeland security. Northstar Network has a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Lockheed Martin Canada to be one of their partners in pursuit of the US $2 billion Canadian Navy's Maritime Helicopter Project and Memoranda of Interest signed with five different major US contractors on the $200B US Joint Strike Fighter Program The Joint Strike Fighter (JSF) became synonymous with the later F-35 Lightning II, however until 2001 the term was applied to the competition between the Boeing X-32 and Lockheed Martin X-35. . Northstar Technical, in addition to developing and manufacturing wireless communications for underwater applications, carries out defense contracting. SAFE HARBOR: Note: Included in this release are 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 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. |
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