Northstar Electronics, Inc. (OTCQB: NEIK) subsidiary Northstar Sealand Enterprises Ltd. (NSEL) has signed a memorandum of understanding (MOU) with a major international aerospace company subsidiary, the company said.
Northstar Sealand Enterprises has the objective of acquiring the exclusive rights to an enhanced version of a single engine turbo-prop industrial airplane from the subsidiary of the international aerospace company.
NSEL would manufacture, market and sell the airplanes and carry out maintenance, repair and overhaul (MRO). The MOU outlines key actions and goals to be reached in order to implement this new business plan for the Company.
Northstar Electronics, Inc. has carried out design and manufacturing contracts for various divisions of Lockheed Martin Corporation and designed, manufactured and sold its own sonar-based system to commercial customers.