NEIK Form 8-K for NORTHSTAR ELECTRONICS INC
21-Feb-2012
Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of AssetsOn February 14, 2012 the CEO of Northstar Electronics, Inc. (the "Company") signed a Share Purchase Agreement (the 'Agreement') with the intent of selling its' wholly owned subsidiary, Northstar Network Ltd ('Network'), to Empower Technologies Corporation ('Empower') for $1,000,000.00 (one million) to be paid to the Company over twelve months and funding of $550,000.00 (five hundred fifty thousand) paid into Network by way of working capital loan. All payments and loans are in Canadian dollars.
For clarity, Empower will become the 100% owner and parent company of Network on completion of the agreement. the amounts are to be received by the Company and by Network over a period of time pursuant to a detailed schedule not to exceed twelve months and subject to both parties completing due diligence and subject to the Company obtaining shareholder approval.
The Company and Empower have no prior relationships.
Item 9.01. |
