World Surveillance Group Inc (fka WSGI)

[svvsone]

8K just filed : ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On May 9, 2005, the company entered into a private placement with a number of
accredited investors whereby these investors have purchased $2,357,959.96 in
Globetel's Common Shares at a price of $0.1924 per share, with Warrants to
purchase up to an additional 8,578,856 shares of common stock of the Registrant
at an exercise price of $.3395 per share.

The Registrant has entered into a Registration Rights Agreement with the
investors and is obligated to register the shares purchased by Investors and the
shares underlying the Investor's warrants.

Exhibits.