SOURCE: World Surveillance Group Inc.

World Surveillance Group Inc.

April 29, 2011 12:24 ET

World Surveillance Group Awarded First Government Contract

Contract Award Tied to Argus One Testing at U.S. Army Facility

KENNEDY SPACE CENTER, FL--(Marketwire - Apr 29, 2011) - World Surveillance Group Inc. (OTCBB: WSGI), a developer of lighter-than-air unmanned aerial vehicles ("UAVs") and related technologies, announced today that it was awarded a $200,000 contract from Space Florida, an independent special district, a body politic and corporate, and a subdivision of the State of Florida. The contract is to create a Performance Data Package in connection with the flight testing of WSGI's Argus One UAV at the U.S. Army's proving ground facility in Yuma, Arizona in May/June 2011.

This contract follows a financing commitment of up to $1.5 million from Space Florida, which WSGI intends to use to expand its Florida-based operations and to finance the previously announced potential acquisition of Global Telesat Corp., a provider of satellite tracking services to the Department of Defense and other customers.

WSGI CEO Glenn Estrella stated, "We are excited to secure our first government contract and plan on working closely with Space Florida to establish the parameters for the series of tests to be performed by WSGI on our Argus One airship in Yuma that will be included in the Performance Data Package."

Michael K. Clark, WSGI's Chairman, added, "We are looking forward to flight testing and demonstrating our Argus One UAV's capabilities at Yuma and are delighted to be working with Space Florida and our other partners in this effort. We continue to work aggressively with our partners to accelerate the development and commercialization of our airships."

Space Florida President Frank DiBello stated, "I am confident that the flight test program will add immeasurably to the continued advancement of this next generation hybrid air system that directly supports multiple civil and defense mission user needs. We look forward to working with World Surveillance Group as they bring this advanced technology aerial platform to the market from Florida."

Space Florida is an independent special district of the State of Florida, created by Chapter 331, Part II, Florida Statutes, for the purposes of fostering the growth and development of a sustainable and world-leading space industry in Florida. As the State of Florida's aerospace economic development agency, Space Florida fosters bold economic development activities to expand and diversify domestic and international opportunities that support talent development, enhance infrastructure and support governments and organizations in improving the state's competitive business climate. Space Florida does this by supporting, assisting, facilitating and/or consulting on space industry related needs.

About World Surveillance Group Inc.

World Surveillance Group Inc. (OTCBB: WSGI) designs, develops, markets and sells autonomous, lighter-than-air UAVs capable of carrying payloads that provide persistent security and/or wireless communications solutions at low, mid, and high altitudes. WSGI's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions. For more information regarding WSGI, please visit www.wsgi.com, or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov.

About Space Florida

Space Florida was created to strengthen Florida's position as the global leader in aerospace research, investment, exploration and commerce. As Florida's aerospace development organization, we are committed to attracting and expanding the next generation of space industry businesses. With its highly trained workforce, proven infrastructure and unparalleled record of achievement, Florida is the ideal location for aerospace businesses to thrive -- and Space Florida is the perfect partner to help them succeed. www.spaceflorida.gov

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements. These statements include those regarding the timing or results of any flight testing of our UAVs, the Company's ability to consummate the GTC acquisition and/or any financing transaction with Space Florida or any other party related to such acquisition on a timely basis or at all, the synergies or benefits that may result from such an acquisition, the ability to integrate the products or operations of GTC, the further development of any of our relationships with our partners, the further advancement, development or commercialization of the Company's UAVs, the outcome of any demonstrations of the Company's airships, the capabilities and advantages of the Company's technology and products, the ability of the Company to capitalize on market demand and grow the Company's business, and the Company's ability to successfully execute its strategy and business plans. The words "forecast," "project," "intend," "expect," "plan," "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 to not achieve some or all of its goals or 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:
    World Surveillance Group Inc.
    321-452-3545

    Barbara M. Johnson
    investors@wsgi.com