SOURCE: Sanswire

June 24, 2010 09:00 ET

Sanswire Corp. Appoints Michael K. Clark, Former Fidelity Investments and JPMorgan Chase Executive, as Chairman of the Board

New Chairman Appoints Longtime Fidelity and JP Morgan Colleague, Glenn D. Estrella as Chief Executive Officer/Chief Financial Officer

AVENTURA, FL--(Marketwire - June 24, 2010) -  Sanswire Corp. (OTCBB: SNSR), a developer and producer of unmanned aerial vehicles (UAVs) and related technologies, has appointed Michael K. Clark as its Chairman of the Board and Glenn Estrella as its new Chief Executive Officer and Chief Financial Officer. Major General Wayne P. Jackson (US Army, Ret.) remains a member of the board. Thomas Seifert has resigned as Chief Financial Officer.

Mr. Clark, age 53, is formerly the President of the Institutional Products Group at Fidelity Investments, following being CEO of JPMorgan Chase's Worldwide Security Services where he managed more than $15 trillion in assets and 25,000 employees in 26 countries. A Marine Corps veteran, Mr. Clark holds a Bachelors of Science from the Maritime College of the State University of New York and his MBA from New York University. He served as Chairman of Chase Bank of Pennsylvania, Chase Mellon Shareholder Services, and on the boards of Chase Bank of Delaware and Chase MDSass Partners. Mr. Clark was also a member of the executive committees of JPMorgan Chase and of Fidelity Investments.

Major General Wayne P. Jackson said, "I am excited that executives of the caliber of Mr. Clark and Mr. Estrella are coming to work with us at Sanswire. We have successfully developed our lighter-than-air unmanned aerial vehicles, and look forward to the experience they bring with regard to product development, finance, corporate structure and governance. Mike Clark has a depth of understanding in these areas and the leadership skills that will serve our stockholders and customers well."

Mr. Clark commented, "I would like to thank General Jackson for his leadership of Sanswire. Under his stewardship, the Company started the transition from a development company to a commercial enterprise. It will be my mission to finish that process and bring Sanswire to its full potential. My experience developed during the last two decades will enable me to accomplish that quickly and effectively. 

Mr. Estrella, age 47, held senior posts in product development, mergers and acquisitions, financial management and was most recently at Fidelity Investments as Chief Administrative Officer and Senior Vice President of the Institutional Products Group. Prior to Fidelity he worked at JPMorgan Chase as Global Head of Client Service and Managing Director of the Clearance and Agency Company. Before that he was Chairman and CEO at JPMorgan Systems and Services Technology, and Head of Latin America and Australia Trust Company / Senior Vice President. At Chase Manhattan Bank, he was Head of Integration Management / Senior Vice President and prior to that Global Head of Product Management / Strategy for Corporate Trust Division among other positions. An alumnus of Harvard University, Mr. Estrella additionally has degrees from Pace University and Ocean County College.

Mr. Estrella stated, "Mike Clark and I have produced results for each other for over 14 years. We have joined Sanswire with the express purpose of bringing its patented UAV technology to production with the potential of improving the war fighter's capabilities in the field and the security of our borders at home."

Mr. Clark concluded, "Glenn and I are executing a strategy that leverages our technology and relationships. We believe that Sanswire has an exciting future, and we anticipate updating the shareholders on our progress as we move forward."

About Sanswire Corp.
Sanswire Corp. (OTCBB: SNSR) is a developer of integrated aerospace communications products and services. The company specializes in the design and construction of autonomous, lighter-than-air UAVs (Unmanned Aerial Vehicles) capable of carrying payloads that provide persistent security solutions at low, mid, and high altitudes. Sanswire's airships and auxiliary products are designed for use by commercial and government-related entities that require real-time intelligence, surveillance, and reconnaissance support for homeland defense, maritime, and border missions. The company's long-term objective is to develop and deliver state-of-the-art airship technology that provides surveillance sensor suites and other advanced wireless broadband capabilities to the broader commercial markets. 

Forward-Looking Statements
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "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's previously reported actual results and 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.

Contact Information

  • Contact

    Sanswire
    Karen Verna
    Kverna@sanswire.com
    786-288-0717

    The Investor Relations Group
    212-825-3210
    Jason Strominger (Investor Relations)