Northstar Arm Goes Buying

A Virginia company is out with tidings of a major acquisition.

Virginia Beach-based Northstar Electronics, Inc. (OTC:NEIK) provided news of its subsidiary, Northstar Sealand Enterprises Ltd. (NSEL), regarding a major acquisition.

NEIK and NSEL have been working closely with a major global Aerospace Company to acquire the worldwide rights and IP for a high-performance Turbo-Prop industrial aircraft.

Recently, the Aerospace Company in question presented the main details of this complex transaction to the Canadian government where the plan was met with positive and enthusiastic feedback from the department’s representatives.

This confirmation of interest in this transaction, and its eligibility for substantial "Offset" credits under Ottawa’s Industry Trade and Benefits program, will now ease the planned transaction through the Aerospace Company’s internal review processes.

The shares vaulted 12.4%, or 11-100ths of a cent, to one penny, though volume was a disappointing 60,000 shares Thursday.