World Surveillance Group Inc (fka WSGI)

[rwehapi2003]

Preferred Shares waived.....


http://biz.yahoo.com/e/101012/snsr.ob8-k.html

Form 8-K for SANSWIRE CORP.


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12-Oct-2010

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sh



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION
On September 30, 2010, Sanswire Corp. (the "Company") entered into agreements (the "Agreements") with Rocky Mountain Advisors Corp. ("Rocky"), Jonathan Leinwand ("Leinwand"), and Daniyel Erdberg ("Erdberg") (collectively, the "Shareholders"), cancelling the conversion agreements (the "Conversion Agreements") previously entered into on May 5, 2009, with each of the Shareholders.

The Company and the Shareholders have agreed to cancel the Conversion Agreements and reinstate the past wages or fees of $185,387, $319,118 and $121,487 (collectively, the "Wages") owed to Rocky, Leinwand and Erdberg, respectively. In connection with the cancellation of the Conversion Agreements, the Shareholders have agreed to waive their rights to the 29,615 shares of Series E Preferred Stock, 50,978 shares of Series E Preferred Stock and 19,407 shares of Series E Preferred Stock (collectively, the "Shares") deliverable to Rocky, Leinwand and Erdberg, respectively, allowing the Company to cancel the Shares. As a result of the cancellation, the Company has cancelled the Shares and agreed to reinstate the Wages as a debt on the books of the Company.

As of the date hereof, the Company is obligated on the Wages. The Wages are a debt obligation arising other than in the ordinary course of business which constitute a direct financial obligation of the Company.

The foregoing information is a summary of each of the agreements involved in the transactions described above, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached an exhibit to this Current Report on Form 8-K. Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.





ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit Number Description

10.1 Agreement, dated September 30, 2010, by and between Sanswire Corp.
and Rocky Mountain Advisors Corp.

10.2 Agreement, dated September 30, 2010, by and between Sanswire Corp.
and Jonathan Leinwand

10.3 Agreement, dated September 30, 2010, by and between Sanswire Corp.
and Daniyel Erdberg