KENNEDY SPACE CENTER, FL, Nov 02, 2011 World Surveillance Group Inc, a developer of lighter-than-air unmanned aerial vehicles (“UAVs”) and related technologies, announced today that the Company has received a further investment by its Chairman of the Board, Michael K. Clark, and its President and Chief Executive Officer, Glenn D. Estrella. Additionally, the management teams of WSGI and its wholly owned subsidiary, Global Telesat Corp. (“GTC”) have elected to acquire equity of the Company in lieu of certain amounts of accrued cash salary. The investment and equity conversion totaled an aggregate of $250,000. The proceeds of the investment will be used to advance the Company’s UAV program and other corporate operations, as well as to launch new GTC products. This new investment by the Company’s Chairman, CEO and management team follows several rounds of investment by the Company’s Chairman, CEO and technical partners in 2010 and 2011.
WSGI Chairman of the Board Michael K. Clark stated, “I continue to commit resources to our Company in order to advance our business plan and execute on our stated 2011 goals. I have confidence in our products, our team and our partners and believe that we will begin to see positive results from all our collective efforts by the end of the year.”
WSGI President and CEO Glenn D. Estrella added, “We look forward to the continued development, testing and commercialization of our Argus One airship and are excited by the potential of our newly acquired GTC business. We intend to continue to accomplish tangible milestones while pursuing our long-term objectives in order to deliver increased value to our shareholders.”