After issuing a press release yesterday, Northstar Electronics, Inc. (OTC:NEIK) opened the session in full strength, but activity faded later in the day.
At the end NEIK still closed up 40% at $0.042 per share with a record volume of approximately 3.3 million shares.[BANNER]
The press release concerned the appointment of Phillip Johnson, CEO of Echotec Sonar Corporation, to the corporate board of directors of NEIK.
Previously, the company announced its intention to divest Northstar Network Ltd. for cash and share purchase warrants, and acquire Echotec Sonar Corporation.
At first the news stirred some excitement, because the appointment of Mr. Johnson suggests NEIK may follow through with the acquisition. That may be good news for shareholders, as the previous business venture of NEIK wasn’t paying off.
In the afternoon, as excitement dissipated the price went down, and so did the volume. It will be interesting to see how NEIK does today as it seems a $5 thousand paid pump is on for today.
