Replies to post #141735 on World Surveillance Group Inc (fka WSGI)

[mide]

Indy...you may be correct.

This is the language on the purchase of GTC announced in the May 31, 2011 8 k...

< The Shareholder(Phipps) has the right to nominate two members of the Company’s Board of Directors, both of whom are required to be “independent” under the rules and regulations of the Securities and Exchange Commission>

On June 13, 2011 an 8k announced the board had been increased from 3 to 5 members and Pruett and Hulo were appointed to fill those two seats.

I had thought inaccurately Phipps had not filled those seats, yet it appears he has done so through those two appointments.

I can't find where the board is supposed to be seven seats with two vacancies.

m

[WarpCore61]

Anita Hulo is not one of Phipps' board slots, although he did highly recommend her. To date, the 2 board slots Phipps can appoint as part of the GTC acquisition agreement have not been filled. This was verified to me by Phipps last summer.

And in response to a recent post regarding Phipps' board slots... the SEC requested the company add additional independent board members as part of their settlement agreement. That requirement has been met, but Phipps' slots were related to the acquisition, not the settlement.

[BDay43]

Indy -

Hulo & Pruett were on the board when the 2011 shareholder meeting took place. In addition, I personally asked Phipps how close he was to naming his two nominees to the board and was told he hoped to have them in place in the near future. Sure makes a person wonder what his definition is of "near future", huh????

BDay