KENNEDY SPACE CENTER, FL--(Marketwire -06/19/12)- World Surveillance Group Inc. (WSGI), a developer of lighter-than-air unmanned aerial vehicles ("UAVs") and related technologies, and wholly owned subsidiary Global Telesat Corp. ("GTC") today provided a corporate update, including recent operational accomplishments and current strategic development priorities, concerning the Company's second fiscal quarter. Recent WSGI and GTC accomplishments include:
- Following effectiveness of the Company's Form S-1, began to receive monthly funding pursuant to the $5.5 million funding commitment signed in February 2012.
- In conjunction with our government sponsors, successfully completed payload testing of the Argus One UAV in Nevada.
- Re-stationed the Argus One back to its hangar at the Easton, MD airport in anticipation of further payload testing and evaluation.
- Delivered the Performance Data Report regarding the flight testing of the Argus One UAV in satisfaction of the Company's contract with Space Florida.
- In response to discussions with interested government agencies, designed and began the construction of a new compact, lighter-than-air airborne platform.
- Continued to build our intellectual property portfolio by filing a patent application on our new compact, lighter-than-air airborne platform design and concepts.
- Registered as a vendor for booth space at the world's largest UAV convention in Las Vegas in August 2012.
- Continued high level discussions with various U.S. and international government and government-related agencies and groups regarding the sale of the Company's airship products.
- To enhance the next stage of the Company's development, brought on a new Chairman of the Board with strategic government and DEA background to focus on revenue generation with both government and commercial customers.
- To diversify GTC's satellite business operations, address a multi-billion dollar global market, and generate a new near-term revenue stream, successfully launched GTC's new e-commerce Mobile Satellite Solutions portal to provide satellite communications services to customers around the world.
- Selected and received a contract to supply satellite communications equipment to agencies supporting the London Olympics in July 2012.
- Awarded contracts or purchase orders to provide satellite communications equipment and services by numerous customers who accessed GTC's website, including the U.S. Navy, the U.S.' premier emergency response organization and the Ecker 1000 miles yacht race.
- Entered into a distribution agreement with one of the largest satellite tracking companies in Pakistan for them to sell GTC's satellite communications equipment and services throughout the region.
- Began the process of registration with the U.S. General Services Administration Schedule Program, which enables billions of dollars in federal spending and helps eligible users, including all branches of Federal, State and Local governments, more easily meet their procurement needs.
- Prepared and have begun to implement a strategic plan to increase revenues through GTC's website, including increasing the Company's advertising profile and increasing the number of products carried.
- Responded to numerous requests for quote or proposal for satellite equipment, airtime or services that have been sent to GTC as a result of the website launch.
- Actively engaged in ongoing meetings regarding the construction of satellite ground stations for various government-related organizations.
WSGI President and CEO Glenn D. Estrella stated, "We are extremely proud of our operational progress in the second quarter of 2012 with respect to both our businesses. We have not only taken great steps to continue to develop our products and services but we have launched or designed new ones in direct response to customer needs. We have also begun to execute on our strategic plan to generate revenues by closing business from new customers and recording revenues. We expect a record second quarter for revenues and look forward to announcing our results. Our team is working extremely hard to continue to achieve our goals of revenue growth and product development and commercialization leading to increased shareholder value."
About World Surveillance Group Inc.
World Surveillance Group Inc. (WSGI) designs, develops, markets and sells autonomous, lighter-than-air UAVs capable of carrying payloads that provide persistent security and/or wireless communications solutions at low, mid, and high altitudes. WSGI's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions. For more information regarding WSGI, please visit www.wsgi.com, or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov.
About Global Telesat Corp.
GTC provides satellite airtime and tracking services to the U.S. government and defense industry end users and resells airtime and equipment from leading satellite network providers such as Globalstar, Inmarsat, Iridium and Thuraya. GTC specializes in satellite tracking services using the Globalstar satellite network and owns a number of network infrastructure devices containing the signal processing technology that powers the Globalstar Simplex Data Service. GTC's equipment is installed in various ground stations across Africa, Asia, Australia, Europe and South America. For more information regarding GTC, please visit www.gtc-usa.com.
Certain statements in this release constitute forward-looking statements. These statements include those regarding the timing, location or results of any flight testing of our UAVs or their carried payloads, the expected payloads or systems to be carried on the Argus One or to be tested during any given flight test, the further advancement, development or commercialization of the Company's products, the outcome of any demonstrations of the Company's airships or other products, any flight opportunities relating to the Company's airships, the capabilities, characteristics and advantages of, and costs related to, the Company's technology, products and services, the ability of the Company to secure business with new customers or grow revenues, the ability of the Company to protect its intellectual property, the ability of the Company to execute on its strategies or to accomplish any of its goals or objectives, the financial condition and/or results of operation for the Company, the capabilities and success of GTC's new website and any of its products, services or solutions identified therein, GTC's ability to capture any portion of the global MSS market or to secure and/or satisfy customers, GTC's ability to leverage its government-related experience, the Company's and GTC's ability to generate new revenue streams, the ability of GTC to get registered on the GSA Schedule Program, the suitability of any of GTC's products or services for any particular application, the effects of any changes in the Company's operations, the Company's stock price or shareholder returns, and the Company's ability to enhance shareholder value. The words "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.