Shares of Northstar Electronics Inc. (OTC: NEIK), a holding company with executive management specialized in the design, engineering, defense, advanced systems, security, sonar, systems integration and prototyping fields, have risen sharply in trading today.
NEIK shares are currently trading 17.48% higher at $0.0410 on above average volume of 2.37 million. Earlier in the day, the stock touched a high of $0.05.
Last week, Northstar Electronics announced the appointment of Phillip Johnson to its corporate board of directors. Johnson is the CEO of Echotec Sonar Corporation. NEIK had previously signed a Letter of Intent to acquire Echotec Sonar.
Johnson played a key part in bringing in sonar technology to Lockheed Martin Canada. He has seven patents to his name.
Dr. Wilson Russell, Chairman and CEO of Northstar Electronics, said that Johnson’s extensive technical knowledge will be great value to NEIK in support of its new future plans beyond the acquisition of Echotec Sonar. Russell said that Johnson’s experience, especially with Lockheed Martin, is very well suited to the type of applications NEIK foresees in the defense and commercial marketplaces.