Replies to post #98514 on World Surveillance Group Inc (fka WSGI)

[housedad]

JF,

You have to ask the question as to why they put out this NR.

[siriuslyricher]

As Mide and others have pointed out, in their opinion private financing is keeping GlobeTel going at this juncture, including the first phase of funding for the TAO/Sanswire deal.

No one would want to pay good money for auditors and getting the financial statements updated, IMO, unless he/she believed that the SEC investigation was over (and that the business had technology with real growth potential).

I find it interesting that this news release follows the SEC filing yesterday, which appears to indicate that the SEC found no violations by anyone except Joe and Luis.

[Jetmek_03052]

Frank, how do you look at that news release? I was under the impression (with many others I think) that GTEM had already been working on the 2006 and 2007 financials for months....ever since the 2005 financials were published.

This line:

"GlobeTel Communications Corp. (Pink Sheets:GTEM) today announced that it is preparing its financial statements for the years ended December 31, 2006 and 2007. The Company's auditors have begun the audit process and will be conducting fieldwork in the Company's offices in February."

certainly doesn't support that belief.

Were you aware that they hadn't started the audit process of those years until recently (as apparent from the wording of this news release)?