World Surveillance Group Inc (fka WSGI)

[showmebill]

Here's Rocky's post on the suit:

Subject: J563 Posted By: Rocky1
Date/Time: 03/24/2006 5:12 PM CST Message #: 547 of 549

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On the surface it appears the plaintiffs match up with the transaction below from 2002, Sanswire purchase of certain assets of Tsunami. It would appear they feel they have monies owed from the contract or something of that nature. I would think the 10K due out next week may shed some light on the matter... btw,Cory Colvin(plaintiff) was COB of Tsunami

"Sanswire Technologies, Inc., (Pink: SNWR) an international, high-speed, wireless Internet service provider announced today that it has completed its acquisition of certain assets of Tsunami Communications, Inc., a Spokane, WA based Wireless Internet Service Provider in a cash and stock transaction.

The acquisition was completed on Friday, September 6, 2002. Under the terms of the transaction, Sanswire caused to be issued 1,000,000 shares of common stock, which, for the terms of this transaction, valued at $1.50 plus a deferred cash payment of $185,000 beginning in 24 months, and other customary terms and conditions. The acquisition is expected to add approximately $2.5 million in tangible assets to the book value of Sanswire and added revenue in excess of $1.2 million per year."
http://www.findarticles.com/p/articles/mi_m0EIN/is_2002_Sept_13/ai_92808732