NEIK--small company-big clientsNEIK...this was out yest-and the company expanded the info at their site as is their habit--below--see next post--
Northstar Electronics' (NEIK) NETMIND Product Sales Stimulates Revenue Growth
Thursday January 10, 1:09 pm ET
Customers Report Fuel Cost Savings
VANCOUVER,
BC--(MARKET WIRE)--Jan 10, 2008 -- Northstar Electronics Inc. (OTC
BB:NEIK.OB - News) announces significant growth and market penetration
of its NETMIND commercial fishing system. NETMIND revenues in 2007 were
up 30% over the previous year. This growth also resulted in a backlog
of orders which gives the product a "running start" this year. "We
intend to continue our aggressive marketing campaign, opening up new
territories this year," said Terry McLeod, Northstar's VP, Development
and Planning.
The industry has a strong need for controlling
vessel costs and increasing production efficiencies, with high fuel
costs about to impact the industry. The NETMIND product specifically
delivers capabilities to operators to achieve these measures. Mr.
McLeod went on to say, "Northstar's NETMIND sonar system for commercial
fishing vessels continues to receive accolades over its functionality."
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NETMIND UPDATE
January
14, 2008 - Northstar's NETMIND system is both a conservation and an
efficiency tool. It utilizes advanced sonar, electronic, mechanical and
processing technologies to deliver information to commercial fishermen
and government and university researchers about the underwater
performance of large fishing trawls. These trawls can operate at depths
of more than a kilometer and can be towed over two kilometers behind
the ships. The NETMIND system measures the height and width of the
trawl opening, the trawl depth, the water temperature, the time the net
is full and ready to be pulled in, etc., and sends the data through a
wireless connection back to the ship.
RECENT HISTORY
Sales
were robust in 2000 and fell off in the early 2000's because of
closures of or cutbacks to fisheries in Canada and the United States,
where much of the sales activities had been. Northstar had to refocus
it's marketing and sales efforts to build international sales. These
efforts led to first finding out what international customers wanted in
a trawl monitoring system. With the help of our new dealers in several
foreign countries, we set out to add new technologies or modify
existing ones so we could meet the new market demands. We added
features which allowed NETMIND to operate with special European only
fish catching technologies.
Northstar introduced a new digital
receiver, to replace the analog receiver, and greatly improve NETMIND's
performance by delivering more accurate real time information to the
customers. We modified NETMIND's wing and door spread sensors to
communicate in ways needed by the European fish catching technologies.
The NETMIND display on the ship bridge was improved to clearly show, in
three dimension graphics, all the key information coming from the trawl.
Northstar
and its European dealers ran an aggressive international marketing
campaign through participation at trade shows, trade publication
advertising and demonstrations of NETMIND to industry leaders- 'high
liner' fishermen, researchers and government regulators.
These efforts produced good results and were a key reason why NETMIND sales grew over 30% higher in 2007 than in 2006.
The
track record NETMIND has in North America with the US Government (
NOAA, the US Geological Survey and other agencies) gave the system
considerable credibility overseas and contributed to it's acceptance
there. In the meantime, marketing in the United States and Canada
continued with active participation at Fish Expo in Seattle, and other
important trade shows and exhibitions. We were successful in adding new
customers in both countries.
SIDE BENEFITS FROM NETMIND
Some
time after 9/11, Northstar worked with Lockheed Martin to develop a
sonar based anti-terrorism system to detect underwater combatants aimed
at attacking aircraft carriers and other ships of the navy and to help
protect ports from underwater terrorist attacks. The main reason we
qualified for this very important assignment was the experiences we had
in developing and manufacturing the NETMIND system. Lockheed Martin's
underwater Intruder Detection System required knowhow in developing
tough, rugged and reliable systems, which we had from NETMIND.
This
past year, our NETMIND and IDS knowhow led to a new sonar development
contract with Lockheed Martin, whose details we are not at liberty to
discuss.
This contract continues into 2008 with potential for additional work after its successful completion.
THE FUTURE
A
backlog of NETMIND orders gives us a 'running start' in 2008. We are
aiming at another 30% growth in revenues this year by expansion of our
marketing campaign in existing markets as well as in new ones. One
major factor which we expect to lead to higher sales revenues is the
high price of fuel which is impacting the world's fishing industry.
NETMIND can help reduce costs by cutting the length of time of fishing
trips.
Our plans for development of system enhancements should give NETMIND more competitive advantages.
In
summary, we believe that the groundwork has been laid for NETMIND
revenues to grow ever stronger in 2008, and in the following years.