Northstar Electronics, Inc. Signs Contract with Lockheed Martin Aeronautics on the P-3 Service Life Extension Program May 3, 2007 8:30:00 AM Copyright Business Wire 2007
VANCOUVER, British Columbia--(BUSINESS WIRE)--
Northstar Electronics, Inc. (OTCBB:NEIK) announces that Lockheed Martin (NYSE:LMT) awarded a contract to its wholly owned subsidiary, Northstar Network Ltd., for work on the P-3 Orion maritime patrol aircraft. The contract, called a Master Purchase Order (MPO), has a value of U.S. $6,307,191, covers forty-eight aircraft, and extends to 2012. Individual Purchase Orders for parts are issued under the umbrella of the MPO.
The Company will manufacture components for new production service life extension kits for this Lockheed Martin Service Life Extension Program. These components 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.
Northstar's affiliate, CHC Composites Inc., a division of CHC Helicopter Corporation, will be the key subcontractor on this program.
"Northstar will be responsible for supplying approximately 600 parts and assemblies per aircraft," said Dr. Wilson Russell, CEO of Northstar Electronics. "We will be producing enhanced design components using new and improved corrosion resistant materials."
"Interest in extending the service life of the world's P-3 fleet has increased as a result of the P-3 Structural Life Assessment Program, which revealed the P-3 was accumulating fatigue damage faster than expected," said Rick Kirkland, head of Lockheed Martin's Maritime Surveillance Enterprise. "There are numerous international and U.S. P-3 customers that will require P-3 life extension kits to sustain their aircraft," said Kirkland.
About Northstar Electronics
Northstar Electronics, Inc. (OTCBB:NEIK) is the parent company of Northstar Network Ltd. and Northstar Technical Inc.
Northstar Network Ltd. is a system integrator and supply chain manager that, together with its 25+ affiliated companies and educational institutions, offers industry-leading capabilities in systems integration, precision machining, electronic contract manufacturing, e-learning and information technology.
Northstar Technical Inc. is a developer of advanced sonar technology products for the defence, commercial fishing and offshore petroleum industries. The company is also an advanced electronics contract manufacturer.
About Lockheed Martin
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2006 sales of $39.6 billion.
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 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 as a result of certain internal and external factors.
Source: Northstar Electronics, Inc.
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