SOURCE: Sanswire

April 21, 2009 11:08 ET

Sanswire Receives $1.4M Funding Commitment From Satellite Asset Tracking Firm Global Telesat; Commences Construction of Mid-Altitude Airship Model STS-111

FT. LAUDERDALE, FL--(Marketwire - April 21, 2009) - Sanswire-TAO Corp., www.sanswiretao.com, the airship manufacturing joint venture equally owned by Sanswire Corp. (PINKSHEETS: SNSR), www.sanswire.com, and TAO Technologies GmbH, today announced that it has received a funding commitment for $1.4 million arranged by satellite tracking provider Global Telesat Corp. (GTC), www.gtc-usa.com, and has commenced construction of its first production commercial/government use unmanned autonomously controlled, Lighter than Air (LTA) airship, designated the STS-111.

The 34-meter (111-ft.) STS-111 is a non-rigid, multi-segmented, rapid deployment/rapid folding Unmanned Aerial Vehicle (UAV) that is designed to fulfill a range of desired mission profiles at altitudes up to 15,000 ft. Depending on weather conditions, the STS-111 is designed to perform persistent loitering or race track operations non-stop for an estimated two and a half days carrying a payload of ISR/Comm equipment to provide up to a 200-kilometer operational line of sight. The STS-111 has been designed to rapidly unfold from its standard size crate and be prepared and launched from virtually anywhere with no need for a large hangar or an exposed mooring platform.

Using its experience with the Globalstar (NASDAQ: GSAT) satellite network, GTC intends to develop or modify its existing remote monitoring and tracking equipment for use on the STS-111 and will promote its capabilities and arrange demonstrations for its existing customers, including the U.S. government and major defense contractors. Under an operational service relationship, GTC will receive specialist technical support and assistance from Globalstar to ensure compatibility with its current and planned second generation worldwide data service. "We are pleased to be working closely with Sanswire and GTC as this represents a key market that the Globalstar network provides with high quality data services worldwide," stated Tony Navarra, President of Globalstar Operations.

"GTC identified several advantages of our STS-111 in the current mid-altitude airship marketplace and determined a strategic investment combined with a shared revenue model resulting from the future sale of this initial system was the right approach for all parties. This transaction validates our spiral development model, where our technologies are viewed as viable solutions that can be implemented now. Additionally, we are able to realize cost efficiencies from our operations having migrated from prototyping to the standardization of production models. Knowing this, we believe that GTC and its customers can benefit dramatically by transitioning the system immediately to the field for operations including surveillance and high value asset tracking capabilities," stated Jonathan Leinwand, Sanswire CEO.

EUR 800,000 (approximately $1,034,000) in debt financing and $400,000 in equity funding has been committed for the construction of the first STS-111. The debt component was arranged by GTC with repayment upon the sale of the airship. GTC's partner will receive 50% of the profits of the initial sale of the STS-111 after certain deductions including and subject to repayment of funding. The equity component is the placement of $400,000 for the purchase of Sanswire Common stock priced at $.105 per share. Further, Sanswire has engaged GTC to provide various services including the following technical support to Sanswire-TAO:

--  Assist Sanswire-TAO in arranging demonstrations of the STS-111 for
    potential customers introduced by GTC and participate in ongoing
    discussions with such potential customers in efforts to market the STS-111;
--  Assist Sanswire-TAO with expanding the potential customer base for
    potential prospective purchases of the STS-111 with GTC's current and
    potential governmental customers and participate in discussions and
    negotiations with respect to same;
--  Provide Sanswire-TAO with access to one or more mobile Appliqués which
    are owned by GTC and have data transmission satellite telecommunications
    capability;
--  Provide assistance to Sanswire-TAO with respect to the development of
    enhancements with respect to telemetry and sensor equipment for use on the
    STS-111.
    

Sanswire-TAO's range of airships have been designed to address specific commercial and government needs for persistent, medium to long duration applications at medium and in the near future, high altitudes to support homeland and border security and various other applications in the operational arena.

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 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.

About Globalstar, Inc.

Globalstar, Inc. is a leading provider of mobile voice and data communications services via satellite. By providing wireless services where terrestrial wireless and wireline networks do not, Globalstar seeks to address the increasing desire for remote connectivity. Using a low-earth-orbit (LEO) constellation of in-orbit satellites and a network of ground stations, Globalstar offers satellite voice and data communications services to government agencies, businesses and other customers in over 120 countries. For more information regarding Globalstar, visit www.globalstar.com.

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 an ongoing formal investigation by the U.S. Securities & Exchange Commission, 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:
    Jonathan Leinwand
    Sanswire Corp.
    (954) 332-3759
    Email Contact