World Surveillance Group Issues Letter to Shareholders
KENNEDY SPACE CENTER, FL--(Marketwired - Jun 12, 2014) -
(US-RET) Lt. Colonel Drew West, the Chairman of the Board of
Directors of World Surveillance Group Inc. (PINKSHEETS: WSGI), a
developer of lighter-than-air unmanned aerial systems (UAS), has
issued a letter to shareholders. Lt. Colonel West was appointed
Chairman of WSGI on June 5, 2014.
June 12, 2014
Dear Shareholders,
I'd like to take this opportunity to thank you for your ongoing
commitment to WSGI. I also wanted to let you know how excited
I am to work with a company that has been a partner of mine for the
past couple years and with a management team that I have so much
admiration for. The accomplishments made by the team in the
past few years have been impressive. That being said, we have
a tremendous amount of work to do in an effort to reach our goals
and improve our Company's performance. I am confident that my
years of military experience combined with my success in the
private sector will compliment those of the management team so that
we can work together for the growth and success of WSGI.
I am pleased to report that we have several pro-active
initiatives related to the commercialization of the Argus One
airship. As identified on WSGI's website, the Argus One is
undergoing several operational assessments by members and
associates of the Ohio Lighter Than Air UAS Consortium. The
Consortium is presently focused on developing a new propulsion
system and a set of Argus One-specific sensor and payload options
to enhance its performance and marketability. So far, the
Consortium consists of industry partners and research entities and
supporting associates. By fourth quarter this year, we believe
the academic team of the Consortium should be on-line with at least
one or more major university research departments committed to
contributing to the project. Various tests and flight
demonstrations will likely continue through 2014.
Concurrently, WSGI leadership is executing a market evaluation
as to the relevancy of the intended applications of the Argus One,
and new possibilities for untethered lighter-than-air UAS in
regards to intelligence, surveillance and reconnaissance,
communications, data distribution and cyber security. We have
already had several productive conversations with representatives
from the worlds of business, government and academia, including
subject matter experts on unmanned stratospheric
operations. These discussions should issue in an updated
business case document for viable military and commercial
applications by end of the third quarter 2014 that will further
clarify and focus our on-going sales efforts for the Argus One.
In regards to our GTC business, GTC is witnessing a very strong
and increasing global demand for its mobile satellite services
(MSS) products. The number of customer transactions for MSS product
orders has increased by approximately 525% for the first five
months of 2014 compared to the same period in 2013 and non-related
party revenue from sales of MSS products has increased by over 945%
for the first five months of 2014 compared to the same period in
2013.
We have also seen significant growth in sales of Globalstar
related products, specifically simplex airtime which has seen an
increase of more than 900% for the first five months of 2014
compared to the same period in 2013. This is due primarily to GTC
having secured a number of very profitable tracking contracts
during the past year, some of which were awarded directly as a
result of GTC's advanced mapping portal, GTCTrack. This portal is
proving to be very popular with customers that require a single
platform for monitoring and tracking a wide range of GPS satellite
tracking devices.
During late 2013, GTC began selling a small number of its
products on Amazon.com, with the majority of products being
fulfilled by Amazon directly to customers. Sales through Amazon
have helped to contribute towards the significant jump in GTC
revenue during 2014 to date. Amazon.com shipped GTC products to
more than 550 customers in the first five months of 2014.
The significant jump in our recent MSS revenue is a result of a
large global market for the products we sell. GTC has a worldwide
customer base as the majority of the products sold by us can
operate anywhere in the world. We have achieved these results with
very limited resources and personnel. I believe we can
significantly increase our MSS revenues going forward by expanding
our website product range, increasing investment in Google AdWords,
expanding our range of products on Amazon.com, opening an identical
store on Amazon.ca and recruiting additional personnel globally to
pursue new business opportunities and address the increasing number
of inquiries we receive 24 hours a day from all over the world.
Additionally, we intend to aggressively pursue significant new
tracking business opportunities that have been presented to us that
could prove highly profitable going forward.
As of June 5, 2014, WSGI completed a share exchange resulting in
our ownership of 10 million shares of Series D Convertible
Preferred Stock of Drone Aviation Holding Corp. (PINKSHEETS:
DRNE). We will hold this valuable asset for future business
initiatives.
In addition to the re-focus on the various sectors of our
business, WSGI is also committed to the review of and improvement
in our balance sheet and the pursuit of acquisition opportunities
beneficial to the Company. This is an exciting time to be at
WSGI and I look forward to serving the shareholders and working
with my fellow WSGI teammates to reward your long-standing
loyalty.
For additional information about WSGI, please visit
www.wsgi.com.
About World Surveillance Group Inc.
World Surveillance Group Inc. (WSGI) designs, develops, markets
and sells lighter-than-air advanced UAS capable of carrying
payloads that provide semi-persistent intelligence, surveillance
and reconnaissance ("ISR"), security and/or wireless communications
solutions at low and mid altitudes. WSGI's aerial assets are
designed for integration with electronics systems and other high
technology payloads for use by government-related and commercial
entities that require real-time ISR or communications support for
military, homeland defense, border control, drug interdiction,
natural disaster relief, maritime and environmental 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.
Forward-Looking Statements
Certain statements in this release constitute forward-looking
statements. These statements include those regarding the ability of
the Consortium members to further develop and/or commercialize the
Argus One, the consortium members' ability to attract an academic
team to work on the Argus One, the addition of any new Consortium
members, the Company's ability to meet any specific identified
dates or deadlines related to the Argus One development or the
Consortium's actions, the success of any tests or demonstrations or
any dates therefore, the Company's ability to benefit from the
other Consortium members skills or expertise, the expected payloads
or systems to be carried on the Argus One, the suitability of the
Argus One for any particular application, the ability of the Argus
One to satisfy customer demands or requirements or meet any
specific challenges, the ability of the Argus One to function in
accordance with its design expectations, the ability to grow GTC's
MSS revenues or the continued expansion of GTC's business by any
particular means if at all, the demand for any of GTC's products,
the ability of GTC's products to satisfy customer demands or
requirements or meet any specific challenges, the ability of GTC to
expand its customer base or acquire any particular business
opportunity, the further advancement, development or
commercialization of the Company's other products, the
capabilities, characteristics and advantages of, and costs related
to, the Company's technology, products and services, the ability of
the Company to improve its balance sheet or acquire relevant
companies, and the ability of the Company to execute on its
strategies or to accomplish any of its goals or objectives. 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.
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