SKYSAT SALE - is this the ship from Palmdale?
Form 8-K for SANSWIRE CORP.
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27-Apr-2010
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 20, 2010, Sanswire Corporation (the "Company") and Global Telesat Corp. ("GTC") entered into an agreement (the "Agreement") whereby GTC purchased a 50% interest in the Company's existing SkySat Mid Altitude, Lighter than Air (LTA), Unmanned Aerial Vehicle (UAV) serial number 0001 (the "Airship"). The Company is required to utilize the Purchase Price to complete the requisite development work so that the Airship may be tested and demonstrated to potential customers.
The Company has agreed immediately to deliver the current Airship to a destination and facility designated by GTC.
Within three days of inspection of the Airship after delivery to the designated facility, GTC is required to pay 1/5th of the purchase price with additional payments of an equal amount each at 30-day intervals.
The Company has granted to GTC, upon the payment in full of the Purchase Price, a first lien and security interest in the Airship and all remedies of a secured creditor under the Uniform Commercial Code.
The Company granted GTC the option to acquire the remaining 50% of the Airship for an amount equal to 3 times the amount paid for the initial 50% interest (the "Option Price"). Upon exercising such option, GTC will be required to pay 1/3 of the option price within ten business days and two additional payments 1/3 each at 30-day intervals.
The foregoing information is a summary of the agreement involved in the transaction described above, is not complete, and is qualified in its entirety by reference to the full text of the agreement, which is attached an exhibit to this Current Report on Form 8-K. Readers should review the agreement for a complete understanding of the terms and conditions associated with this transaction.
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