SOURCE: Sanswire

Sanswire

December 01, 2009 07:00 ET

Sanswire Receives Funding Commitment Arranged by Global Telesat for the Completion of the Commercial Version STS-111 Multi-Day UAV

Joint Cooperation Focuses on the Completion of the First Ever Commercial Multi-Day Endurance Unmanned Ariel Vehicle (UAV)

FORT LAUDERDALE, FL--(Marketwire - December 1, 2009) - Sanswire Corp (OTCBB: SNSR), a company that develops and produces lighter-than-air Unmanned Aerial Vehicles (UAV) designed to provide persistent surveillance for extended durations at mid and high altitudes, has received a funding commitment arranged by satellite tracking provider, Global Telesat Corp. (GTC), for $800,000 to be utilized for the completion of Sanswire-TAO's first commercial, multi-day endurance, lighter-than-air UAV, the STS-111.

Earlier this year, GTC arranged funding that commenced the construction of the STS-111. This has led to the development of the proprietary systems and construction of Sanswire-TAO's initial four-segment airship platform that recently commenced flight testing. This follow-up round of funding will be utilized to complete the new 5-segment STS-111 airship, a commercial, long endurance platform powered by Sanswire-TAO's proprietary FuelGas propulsion system. This commitment is expected to complete the funding required for finishing the construction of the commercial airship, with immediate plans for the airship to be delivered to Sanswire's systems integrator and operator one of the top 10 U.S. Defense Contractors. Once delivered, the team will collaborate on preparing the STS-111 UAV for jointly held private demonstrations to potential customers.

Sanswire-TAO's patented, multi-day endurance, segmented STS-111 Airship is unique with respect to its flexible design and extended flight duration capabilities. With a length of 111 feet and a height of 11feet, the STS-111 specifications include persistent line of sight coverage of approximately 170 miles at 15,000 feet above sea level, and the ability to operate for multi-day missions estimated at 2.5 days with a customer payload of 20 lbs. The rapid unfolding, fully recoverable STS-111 UAV is designed to be launched with minimal ground infrastructure and requires no runways or hangars as it ascends autonomously or via a manually controlled ground station. For more information on the STS-111 airship please visit http://www.sanswiretao.com/sts111mag/

"We feel confident that completing the STS-111 airship and delivering the platform to our MOU partner, a leading global defense contractor, will lead to an opportunity to officially demonstrate the uniqueness and cost effectiveness of our platform. GTC's level of confidence has lead to their agreement to provide additional resources to Sanswire to accomplish this task," said Captain David A. Christian, Chief Executive Officer.

GTC has currently arranged for nearly 90% of the total committed funding which has been provided to the company for immediate use to accelerate the completion of the STS-111 UAV. GTC has arranged the funding through the purchase of Sanswire Common stock priced at $0.105 per share.

About Sanswire Corp.

Sanswire Corp. (OTCBB: SNSR) develops and provides an integrated suite of aerospace communications products and services, leveraging its relationships with leaders in UAV (Unmanned Aerial Vehicle) technologies. Sanswire Corp. is focused on the design and construction of various aerial vehicles, capable of carrying payloads that provide persistent surveillance and security solutions at various altitudes. For more information, visit www.sanswire.com.

About Sanswire-TAO Corp.

Sanswire-TAO exclusively owns and markets all the technology and intellectual property associated with TAO's lighter-than-air (LTA) unmanned aerial vehicles (UAV), including the Stratellite(tm) high-altitude airships, the SAS-51 low-altitude airships, the mid-altitude STS-111 and STS-230 airship, and the PADDS Precision Air Drop Delivery System in the US, Canada and Mexico. Sanswire-TAO Corp. is jointly owned by TAO Technologies GmbH and Sanswire Corp. For more information, visit http://www.sanswire-tao.com.

About Global Telesat Corp.

GTC provides satellite airtime and tracking services to the U.S. government and defense industry end users and resell 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, visit www.gtc-usa.com.

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, 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:
    The Investor Relations Group
    212-825-3210

    Investor Relations:
    Jason Strominger
    or
    Michael Crawford
    or
    Media Relations:
    Mike Graff