Northstar Electronics Inc. (OTCBB:NEIK) signed a letter of intent to acquire Echotec Sonar Corporation for CAD 0.18 million on March 15, 2012. Northstar will issue 10 million shares of restricted common stock, to be released equally over a three-year period, and 6 million three-year common shares warrants at an exercise price of CAD 0.10. The shares will be held in escrow and released as follows; on the one year anniversary date of the closing of the transaction, one third of the shares shall be delivered to the former shareholders of Echotec Sonar, an additional third on the second anniversary, and the final third on the third anniversary. The transaction is subject to customary closing conditions along with resignation of Echotec Directors. The transaction is agreed to in principal by Northstar and Echotec and is expected to close by mid April 2012. As on April 10, 2012, the closing date for the letter of intent with Echotec Sonar has been extended until May 8, 2012. As on May 8, 2012, the closing date of the transaction has been extended to May 23, 2012 due to additional time needed for Canadian legal requirements. Rich Kaiser of Yes International and Beverly Jedynak of Martin E. Janis & Co, Inc. acted as PR advisors for Northstar Electronics. Northstar Electronics Inc. (OTCBB:NEIK) completed the acquisition of Echotec Sonar Corporation on May 23, 2012.