Being very dissapointed, to say the least, with the "Prototype" which was unveiled yesterday, I subsequently sold all my shares in GTEL this morning. I am angered at the way they have misled their shareholders. As proof of their deceptive PR's, I submit the following excerpts, all taken from GTEL press releases. I am wondering if they are possibly exposing themselves to litigation?
“CEO Timothy Huff said the company will seek to move to the American Stock Exchange as early as the first quarter of 2005.”
8/27/2004 10:13 AM EDT
“We look forward to holding further discussions with the different departments, who all have confirmed that they will be attending the summit to be held on February 21 & 22, and the launching of our prototype, Sanswire One, on March 25, 2005.”
Wednesday January 12, 8:53 am ET
February 16th - The propulsion team will arrive from the United Kingdom to install the engines and the guidance systems for Sanswire One.
February 21st - The rigid airframe will be complete and ready for FAA inspection. The airframe must be inspected before the final covering is placed on the airship.
February 28th - The final section of batteries will arrive from Germany. Shipments of the batteries will start arriving February 16th. Once all the batteries have arrived the final installation will be completed and tested.
March 1st - The final inspection of internal systems followed by the installation of the airship outer covering. FAA approval to be obtained before the final cover is applied to Sanswire One.
March 4th - The solar photovoltaic, which generate the majority of the power used on Sanswire One will be delivered by U.S. vendor and installed the following week.
March 15th - Testing of lifting gas cells will commence and final systems checks and structural inspections by all the section teams.
March 16th - Payload installation will be complete, including the first of three different packages that will be tested over the next 30 days.
March 23rd to 25th - the scheduled launch window. This will be decided based on the successful completion of the aforementioned processes and weather conditions. Updates will be provided one or two weeks before the launch to plan a public viewing of the airship and the date of the launch. There will be a video link on the GlobeTel website of the launch.
Tuesday February 15, 8:30 am ET
“The first prototype of a fully operational Stratellite is scheduled for launch in early April in California.”
Tuesday March 8, 9:58 am ET
“Soon after the unveiling, Sanswire One will be moved to Edwards Air Force Base where the actual launch will take place.”
“A public announcement will be made on April 13 to give an update for those who couldn't attend the unveiling which will include pictures of Sanswire One”
Tuesday April 5, 9:47 am ET