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.

Penny Stocks are stocks traded for under $2 and they represent the small cap companies. They trade on the OTCBB so you will not find them on the major stock exchanges. They are very cheap stocks and normally come for businesses needing capital. They are a very risky investment as the business can go under and leave you with a stock worth nothing. However that being said penny stock trading can be a great money maker, and there are numerous traders who make 6 figures and more from them each year.

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