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Market: OTCBB
Sector: Aerospace & Defence
EPIC: NEIK
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Northstar Electronics
www.northstarelectronics.com

Northstar Electronics provides engineering, systems integration, prototyping and contract production services to the aeronautics, defense and Homeland Security industries.

Full Northstar Electronics profile here
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Lockheed Martin more than doubles contract with Northstar Electronics

2nd Sep 2010, 8:27 pm
Lockheed Martin more than doubles contract with Northstar Electronics

Northstar Electronics (OTCBB: NEIK), a company specializing in engineering, systems integration and contract manufacturing for Aeronautics, Defense and Homeland Security, has today announced that its subsidiary, Northstar Network (NNL), has received a revised master purchase order from Lockheed Martin to increase the value of NNL's marine patrol P-3 aircraft contract by US $9.1 million, to a total of US $16.4 million.

Under the Lockheed Martin P-3 Mid-Life Upgrade (MLU) program, NNL manufactures finished components and assemblies for new production service life extension kits for the P-3 Orion wing upgrade.

The upgrade program adds more than 15,000 flying hours to each aircraft, representing 15 to 20 additional years of service for the maritime patrol and reconnaissance resource.

Northstar is responsible for supplying approximately 400 parts and assemblies per aircraft, or about one-fifth of the total parts required under the wing upgrade program.

These parts and assemblies primarily include machined parts and formed sheet metal assemblies of various levels of complexity in aluminium and alloy steel, and range from simple structural members to flight critical components.
The new work is to be completed within two years.

"This significant production increase, the largest order that Northstar has received to date, further defines and strengthens the position of Northstar as a serious contender in aerospace manufacturing," said Northstar`s vice president of development and operations, Terry McLeod.

The company expects to further diversify its customer base and accelerate its expansion, with several significant contract awards pending, it said.

Its sales for the six month period ending June 30, 2010 were approximately $2.2 million, a 57% jump from the same period last year. The company improved its income too, as it made a loss of $179,625, versus a net loss of $300,905 in Q2 2009.

Northstar was up 10% one hour prior to market close at $0.22 on Thursday.

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