Replies to post #3703 on World Surveillance Group Inc (fka WSGI)

[lowtrade]

MAILMAN,
Now all I need is some news as to the status of the Miami switch and I'd predict Gtel is WELL on the way to processing money xferrs with Grupo Ingedigit C.A. ("GI")in Venezuela.
Globally!!!

Getting this hardware up would be a huge Plus! IMO

I emailed for info, but dought I'll get a response. Never do!

The core business is my focus, I don't need no stinkin Stattilite.( with a mexican accent)

Thanks for your help! in advance.

[ihubposter]

why do you say the group with Ingram's 75% is unknown? It's all in the November 10Q:

"Subsequently, Mr. Ingram notified the Company that he will not be funding the remaining $750,000 and instead agreed to assign the remaining amount to other groups wanting to invest in the Company.

On August 20, 2004, the Company agreed to sell 500 shares of Series C Preferred Stock of GlobeTel Communications Corp. ("GTEL") to Paul E. Taboada for a total investment of $500,000. Mr. Taboada, an individual investor, has also been providing consulting services for the Company for over four years. The Company intends to use this $500,000 investment for working capital and purchase of equipment for Sanswire, LLC, necessary to launch the prototype of the Stratellite.

The purchase price shall be payable in five (5) installments of $100,000, payable no later than August 30, 2004, September 30, 2004, October 30, 2004, November 30, 2004, and December 30, 2004. The Purchaser has a three-day cure period to remit the monthly payments.

As of the date of this report, the Company has received $300,000 as agreed upon and expects to receive the remaining $200,000 before the established time periods.

On October 22, 2004, the Company agreed to sell 250 shares of Series C Preferred Stock of GlobeTel Communications Corp. ("GTEL") to Lawrence Lynch for a total investment of $250,000. Mr. Lynch, an individual investor, is also an employee of the Company. The Company intends to use this $250,000 investment for working capital and purchase of equipment necessary to expand the Company's stored value card programs.

The $250,000 investment was received by the Company on October 25, 2004."

That means that as of August of this year, Taboada will be eligible to convert into 1% of the then-outstanding number of GTEL shares, which currently would be about 9M shares. At current prices, that would be $900K, which is a pretty nice return on investment of $500K...basically, it cost Taboada the equivalent of .05 per share, using today's outstanding share count...not a bad deal...what makes it even more galling, in a way, is that the money that Taboada gave to GTEL basically came from his 7.4M shares of GTEL shares for which he filed the Form 144s in November and December. Yes, I realize that he gave $300 of the $500K prior to filing the first Form 144, but the point remains that if he sold the 7.4M shares at an average price of .075, then he essentially recouped the full $500K, and not only replaced all of those shares, but he actually winds up with MORE shares...hope he had the information making it a smart investment for himself, because then it's a smart investment for us.