World Surveillance Group Inc (fka WSGI)

[rocky301]

GlobeTel Announces the Reduction of Debt and Outstanding Shares
Business Wire - July 31, 2003 08:56
MIAMI--(BUSINESS WIRE)--July 31, 2003--GlobeTel Communications Corp. (OTCBB:GTEL), today announced that it has completed negotiations with all the note holders that were represented in the SB-2 to retire the debt. One additional note that was not part of the SB-2 filing was also retired. This represents a debt retirement of $625,000. This will result in the retiring back into treasury of approximately 48 million plus shares of GTEL common stock held in escrow for collateral underpinning these notes. This reduces the outstanding shares issued in GTEL by approximately 8 percent of the outstanding shares.

Tim Huff, CEO of GTEL, stated: "We are reducing the debt of GTEL while bringing in capital and new channels of distribution. Our financial picture is coming into focus and this will fuel the growth of GTEL. It is a good day when you can reduce your debt, retire shares and increase your cash flow."

Additional information concerning other areas and topics of GTEL can be found on our web site at http://www.globetel.net.

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words ``forecast'', ``project'', ``intend'', ``expect'', ``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 which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.


CONTACT: GlobeTel Communications Corp., Miami
Jerrold R. Hinton, 305/579-9922, ext. 4
Fax: [phone]
email: [e-mail]
http://www.globetel.net