Replies to post #77067 on World Surveillance Group Inc (fka WSGI)

[Design123]

Did we ever get anything regarding this, specially where the $4mill revenue mentioned?:

Peter Khoury, Chief Executive Officer, stated, "The sale of MagicMoney provides us with three distinct benefits: focus on our core business; lowering our expenses and the ability to continue to participate in the stored value business if we so desire. It is our intention to focus our attention on our core competencies in the wireless, VoIP and traditional long distance segments, as well as on the continued development of near-space solutions to deliver voice and data. We expect to realize annual savings of about $1.3 million, not including additional capital expenditures that were anticipated. As mentioned in Przemyslaw L. Kostro's November 2 letter to shareholders, our priorities are to reduce our burn rate and to use our resources efficiently for the delivery of telecommunications. The sale of MagicMoney is consistent with those priorities."

Mr. Khoury continued, "This transaction will provide us with the ability to realize future revenue of up to $4,000,000 from Gotham's operation of the platform. It also obligates Gotham to give us full access to all capabilities of the platform at the 'most favorable' rates."