World Surveillance Group Inc (fka WSGI)

[svvsone]

News:
-- PRESS RELEASE: GlobeTel Announces 2004 Results of Operations --

PEMBROKE PINES, Fla.--(BUSINESS WIRE)--March 31, 2005--GlobeTel Communications
Corp. (OTCBB:GTEL), with its filing of its SEC Form 10-KSB, today announced that
the Company had revenues of $28,996,213 in fiscal year 2004 resulting in a net
loss of $13,166,869. The net loss incurred represented charges to earnings under
Generally Accepted Accounting Principles of $4,491,581 in option expenses to
certain employees, officers and key management. Approximately $1,000,000 of the
loss was attributed to professional services, making the net loss attributable
to operations approximately $7,675,288 on revenues of $28,996,213. During the
previous year 2003, the company reported a net loss of $6,202,426 on revenues of
$11,351,939.
The Company attributed its net loss to both capital and normal expenditures
incurred in the process of growing the Company including additional equipment,
software and payroll expenses to further develop its Stored Value Program and
funding for its wholly owned subsidiaries, Sanswire Networks, LLC and Centerline
Communications, LLC.
The Company stated that the revenues and resulting losses were not unexpected
and that the Company was able to obtain its goal of growing its revenue base in
2004.
Timothy M. Huff, CEO of GTEL, stated, "We cannot be more excited about the
Company and its future than we are at this very moment. We wanted to grow our
revenue base in 2004 and we did just that. We needed to invest a substantial
amount of money in 2004 to develop our products and as a result, we are now
ready for significant profitable revenues. The difficult part was that now we
have to take this large loss as a result of these expenses."
Mr. Huff added, "We have invested millions of dollars in our Stored Value
Program and that is currently being launched. Sanswire One, our prototype high
altitude airship, is being completed and we have hired several respected NASA
engineers who are working diligently to complete the project. We have attracted
institutional investors to our Company and we are in the process of applying to
move to the American Stock Exchange. So we are very bullish on our future and we
expect many exciting opportunities and advancements in the years to come for our
shareholders."
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., Pembroke Pines
Leigh A. Coleman, 954-241-0590 or 954-272-0380 (fax)
[e-mail]

KEYWORD: FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS EARNINGS
SOURCE: GlobeTel Communications Corp.
Copyright Business Wire 2005

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