SOURCE: Sanswire

April 09, 2009 16:10 ET

Sanswire Files Fiscal 2008 Results on Form 10-K

FORT LAUDERDALE, FL--(Marketwire - April 9, 2009) - Sanswire Corp. (PINKSHEETS: SNSR), formerly GlobeTel Communications Corp., today announced that it has filed with the United States Securities & Exchange Commission, its annual report for the year ended December 31, 2008 on Form 10-K.

For the year ended December 31, 2008, the Company reported a net loss of ($5,438,612), or ($0.04) per share, with no revenue, compared to a net loss of ($11,605,478), or ($0.10) per share, on revenues of $53,754, for the year ended December 31, 2007. The Company's weighted shares outstanding at year end 2008, basic and diluted, rose by almost 25% to 151,534,774 over year end 2007.

The net loss for fiscal 2008 is attributed to an operating loss of ($3,214,345), and net other expenses totaling ($2,224,070); primarily a loss from extinguishing debt ($1,096,650) and interest expenses ($1,127,420).

The Company also filed periodic reports that had been outstanding for the first, second and third quarters of 2008. These 10-Q filings also contained comparative data for 2007.

"Our primary goals are to build and run an airship business where we can provide full transparency and accountability for our customers, partners, and shareholders. With the completion of our financial statements for 2008 we accomplished a major step in moving closer to achieving our overall goals and throughout this year we look forward to advancing the corporation and executing our business plan to build the company and shareholder value," said Jonathan Leinwand, CEO Sanswire Corp.

Sanswire has made its Annual Report on Form 10-K available via its web site, www.sanswire.com.

About Sanswire Corp.

Sanswire Corp. is focused on the design, construction and marketing of various aerial vehicles most of which would be capable of carrying payloads that provide persistent surveillance and security solutions at various altitudes. The airships and auxiliary products are intended for end users that include military, defense and government-related entities.

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, including a lawsuit filed by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, 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.

-Financial Tables Follow-


 SANSWIRE CORP. (FORMERLY GLOBETEL COMMUNICATIONS CORP.) AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                     FOR THE YEARS ENDED DECEMBER 31,

                                                  2008           2007

REVENUES                                      $          --  $      53,754
COST OF REVENUES                                         --         15,529
   GROSS MARGIN                                          --         38,225
EXPENSES
  Payroll and related taxes                         887,283      3,611,596
  Consulting fees                                 1,415,235      1,635,303
  Noncash officers' and directors'
   compensation                                     435,000        696,790
  Research and development                               --        (14,856)
  General and administrative                        476,827      1,567,968
   TOTAL EXPENSES                                 3,214,345      7,496,801
LOSS FROM OPERATIONS                             (3,214,345)    (7,458,576)
OTHER INCOME (EXPENSE)
  Loss/Gain on extinguishment of debt            (1,096,650)       254,200
  Interest expense, net                          (1,127,420)    (2,482,296)
   NET OTHER EXPENSE                             (2,224,070)    (2,228,096)
LOSS FROM CONTINUING OPERATIONS                  (5,438,415)    (9,686,672)

LOSS FROM DISCONTINUED OPERATIONS                      (197)    (1,918,806)
NET LOSS                                      $  (5,438,612) $ (11,605,478)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
 OUTSTANDING
   BASIC and DILUTED                            151,534,774    121,171,392

LOSS PER SHARE FROM CONTINUING OPERATIONS
   BASIC and DILUTED                          ($       0.04) ($       0.08)
LOSS PER SHARE FROM DISCONTINUED OPERATIONS
   BASIC and DILUTED                          ($       0.00) ($       0.02)
NET LOSS PER SHARE
   BASIC and DILUTED                          ($       0.04) ($       0.10)




SANSWIRE CORP. (FORMERLY GLOBETEL COMMUNICATIONS CORP.) AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS


                                                DECEMBER 31,  DECEMBER 31,
                                                    2008          2007
                   ASSETS
CURRENT ASSETS
 Cash and cash equivalents                      $      4,809  $     32,278
 Current assets from discontinued operations           6,406        18,678
                  TOTAL CURRENT ASSETS                11,215        50,956
 Deposits                                                 --       391,000
 Investment in joint venture                       3,229,000            --
                  TOTAL NONCURRENT ASSETS          3,229,000       391,000
TOTAL ASSETS                                    $  3,240,215  $    441,956

     LIABILITIES AND STOCKHOLDERS' DEFICIT

LIABILITIES

CURRENT LIABILITIES
 Accounts payable                               $  3,802,777  $  3,155,722
 Notes and convertible notes payable, net of
  discount of $134,423 and $1,257,364              9,264,732     8,056,220
 Accrued expenses and other liabilities            3,489,210     1,067,355
 Current liabilities from discontinued
  operations                                       1,387,406     1,387,381
TOTAL LIABILITIES                                 17,944,125    13,666,678

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIT
 Series A Preferred stock, $.001 par value,
  250,000 shares authorized;
  no shares issued and outstanding:                       --            --
 Series B Preferred stock, $.001 par value,
  500,000 shares authorized;
  no shares issued and outstanding:                       --            --
 Series C Preferred stock, $.001 par value,
  5,000 shares authorized;
  no shares issued and outstanding:                       --            --
 Series D Preferred stock, $.001 par value,
  5,000 shares authorized;
  no shares issued and outstanding:                       --            --
 Common stock, $.00001 par value, 250,000,000
  shares authorized;
  184,704,015 and 129,756,897 shares issued and
   outstanding                                         1,848         1,299
 Additional paid-in capital                      111,128,580   107,169,705
 Accumulated deficit                            (125,834,338) (120,395,726)
     TOTAL STOCKHOLDERS' DEFICIT                 (14,703,910)  (13,224,722)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT     $  3,240,215  $    441,956

Contact Information


  • Contact:
    Robert Bleckman
    Sanswire Corp.
    (954) 332-3759