Penny Stock News: World Surveillance Group Closes Financing

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KENNEDY SPACE CENTER, FL–(Marketwire – May 5, 2011) – World Surveillance Group Inc. (OTCBB: WSGI), a developer of lighter-than-air unmanned aerial vehicles (“UAVs”) and related technologies, announced today that it has closed a financing of approximately $1.1 million. The Company plans to use the proceeds from the financing to complete the acquisition of defense contractor and satellite tracking firm Global Telesat Corp. (“GTC”) and to continue the development and testing of our Argus One UAV. The funds were raised from a group of private investors, including WSGI Chairman Michael K. Clark and WSGI’s technical partner, defense prime contractor Eastcor Engineering.

WSGI is also currently working with Space Florida, an independent special district, body politic and corporate, and subdivision of the State of Florida, to complete a financing for up to an additional $1.5 million pursuant to a commitment letter issued by Space Florida to WSGI.

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Article source: http://www.marketwire.com/press-release/world-surveillance-group-closes-financing-otcbb-wsgi-1510579.htm