World Surveillance Group Inc (fka WSGI)

[svvsone]

-- GlobeTel Communications Completes $4.5 Million Convertible Debenture Financing --
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 1, 2005--GlobeTel Communications
Corporation (AMEX: GTE) announced today it has completed the sale of $4,500,000
in 5% convertible notes to a group of institutional investors. Net proceeds will
be used for general working capital purposes.
Under the private arrangement, the notes can be redeemed for cash or
convertible into GlobeTel common stock at $1.65 per share. Class A Warrants were
issued to the investors for the purchase of up to an additional $6,818,181 in
GlobeTel common stock. The Class A Warrants are exercisable at $2.50 per share
until August 30, 2008.
Timothy Huff, chief executive officer of GlobeTel, said, "We are pleased to
complete this important $4.5 million financing. This arrangement increases our
operational flexibility as we continue to grow our business and provides a key
vote of confidence in the execution of our strategic growth plan. We have seen
tremendous growth in our business model and this capital will allow for
continued rapid expansion. We believe our ability to increase sales through new
and existing products in our various business units, and advance the development
of our high-altitude airship, or Stratellite, provides strong growth potential.
As we expand our revenue streams and begin to generate profits, we are confident
in our ability to maximize shareholder value."

About GlobeTel Communications Corp.

GlobeTel Communications Corp. is a diversified Telecommunications and
Financial Services Company. GlobeTel operates business units in Stored Value
debit cards, as a certified MasterCard processor, the sale of Carrier grade VOIP
of Long Distance to major Long Distance re-sellers, VOIP Technology, Wireless
radio technology and development, and high altitude airship research and
development. These self-contained business units were developed to operate
independently of each other. The symbiotic relationship, however, provides value
to each of the other business units. This strategy offers GlobeTel financial
diversity and risk mitigation while striving toward its operating objectives.
Operating on a global basis, GlobeTel has historically focused its business
development on markets outside of the United States. Current operations and
business relationships exist in Asia, Europe, South America, Mexico and the
Caribbean.
Additional information concerning other areas and topics of GlobeTel can be
found on our web site at http://www.GlobeTel.net

Certain statements in this release constitute forward-looking statements or
statements that may be deemed or construed to be forward-looking statements
within the meaning of the Private Securities Litigation Reform 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.
GlobeTel and its strategy for launching the Stratellite(TM) may vary as
conditions and technology changes. There is the possibility that parts of the
process may change or be delayed. While GlobeTel plans for the success of the
Airship, there is no guarantee that it will achieve any or all of its
objectives. The performance of the new wireless division cannot be guaranteed,
there are references that while management believes are probable, and there are
no guarantees as to its success. This release is based on management opinion at
the time of dissemination and based on other market characteristics and events,
which may or may not prove long term. Therefore, this information is presented
as an update and shall not be construed as a "guarantee" or other obligation
that the events will transpire as outlined. Additionally, events may change or
be encountered that could affect this. It is not the Company's policy to provide
updates on the individual events. Therefore, investors should be aware that
circumstances may change and outcome may be affected. Any reference within this
release that refers, or implies a forward-looking statement, is herewith
incorporated into this Safe Harbor language.


CONTACT: For:
GlobeTel Communications Corp.
KCSA Worldwide
Todd Fromer / Michael Cimini
212-896-1215 / 212-896-1233
[e-mail] / [e-mail]

KEYWORD: FLORIDA
INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL TELECOMMUNICATIONS
NETWORKING
SOURCE: GlobeTel Communications Corporation
Copyright Business Wire 2005

(END)

Symbols:
US;GTE
01-Sep-2005 18:00:00 GMT
Source PR - Dow Jones - Press Release Wires
Categories:
I/CMT I/TEL I/XDJGI M/NND M/TEC N/BW N/CNW N/PREL R/FL R/NME R/US R/USS
MST/F/MKT MST/I MST/I/CMT MST/I/ISS MST/I/TEL MST/R/G7 MST/R/NME MST/R/US
MST/S/STK TGT/DJN