World Surveillance Group Inc (fka WSGI)

[cygnus_1]

Per Coastie........................


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I see that they are still touting that someone is "pouring" money into the company by buying up shares that exceed the price on the open market.

I hope they aren't talking about Global Telesat (GTC) and International Legal Consultants (ILC).

GTC provided an initial $50K loan of which Sanswire defaulted. GTC received one million shares to cover that default. At today's prices (around .08), GTC turned $50K into $80K of shares within a couple of months.

GTC bought close to four million shares at a price of around ten and one half cents per share. The stock traded around that price for awhile, but has now sunk back to around .046.

On April 17, 2009, the Company and GTC entered into that certain subscription agreement (the “April 2009 GTC Agreement”) pursuant to which GTC purchased 3,809,524 shares of the Company’s common stock for an aggregate purchase price of $400,000.

At first glance, this looks like a bad deal for GTC. That is. . .until you realize. . .that GTC was given 12.5 million shares two days earlier.

In consideration for the services to be provided by GTC in accordance with the 2009 GTC Services Agreement, the Company shall issue to GTC an aggregate amount of 12,500,000 shares of the Company’s common stock.

Combine the two deals and GTC only paid around two and one half cents per share. The only services I have seen GTC provide is to arrange loans to Sanswire via an offshore shell that goes by the name of International Legal Consultants (an entity with ties back to Kroplin). IMO, it appears to be nothing more than a fancy way to again launder their own shares.

GTC pulled the same stunt with GlobalNet (Erdberg and Seifert's old company). GTC received millions of free shares for consulting work that they never actually performed.