Northstar Electronics, Inc. announced that they have completed the acquisition of Echotec Sonar, which is now a wholly owned subsidiary of the company. Terms of the deal fall in line with previous announcements and will be fully disclosed in regulatory filings.
With Echotec now being the cornerstone entity of Northstar Electronics, the company plans to aggressively develop innovative, leading edge sonar systems needed by the defense, Homeland Security, commercial shipping, cruise ship and commercial fishing sectors. As well, Echotec will pursue contract opportunities to design, develop and build systems for particular projects in North America and internationally.
Northstar will now be seeking new partners for joint developments, projects and for funding.
Phil Johnson, President of Echotec Sonar , said, “We believe there is good compatibility and synergy between the business interests and objectives of Echotec and Northstar. This was a key factor in our wanting to join forces.”
“We saw this as an excellent chance to get back to our original business area, the sonar world, and we will now endeavor to fully capitalize on this opportunity,” added Dr. Wilson Russell, CEO of Northstar Electronics. “We are in the process of the disposition of our defense operating subsidiary, focused on contract manufacturing, so this will effectively be a rebranding of Northstar.”
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.
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.
[mappress] Subsea World News Staff, May 24, 2012; Image: Echotec