World Surveillance Group Inc. WSGI 0.00% , 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:
WSGI:
-- 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.
GTC:
-- 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.”
