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Northstar Electronics CEO Executes Stock Conversion(June 07, 2012)
VANCOUVER, BC -- (Marketwire) -- 06/07/12 -- Northstar Electronics, Inc. (OTCQB: NEIK) (PINKSHEETS: NEIK) announces today the conversion to common stock of funds owed to Dr. Wilson Russell, CEO of Northstar Electronics.
On May 22, 2012, Dr. Wilson Russell, CEO and Director of Northstar Electronics converted two hundred thousand US dollars ($200,000) of monies owed to him by the company into common shares of company stock. The price of conversion was five cents per share ($0.05).
This brings total conversions by Dr. Russell cumulatively to approximately four hundred and fifty thousand dollars ($450,000) into common stock over the last few years, all executed at share prices higher than trading prices at the times of conversion.
Northstar Electronics now trades on the OTCQB and intends to maintain its reporting status with the SEC.
About Northstar Electronics, Inc.
Northstar Electronics, Inc. is a holding company with executive management specialized in design engineering, defense, advanced systems, security, sonar, systems integration, and prototyping fields. Echotec Sonar Corporation is a wholly owned subsidiary with founders that have over eighty combined man-years of expertise developing high-frequency sonar products within the defense and commercial industries. Northstar is actively pursuing opportunities through acquisition, joint venture, or merger to increase revenues and expand its base of subsidiaries. http://www.northstarelectronics.com
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.
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