New Money for WSGI Stock

Dallas, TX 5/5/2011 (PennyPayDay) -- World Surveillance Group Inc. (OTC:WSGI), a developer of lighter-than-air unmanned aerial vehicles ("UAVs") and related technologies, announced today that it has closed a financing of approximately $1.1 million. The Company plans to use the proceeds from the financing to complete the acquisition of defense contractor and satellite tracking firm Global Telesat Corp. ("GTC") and to continue the development and testing of our Argus One UAV. The funds were raised from a group of private investors, including WSGI Chairman Michael K. Clark and WSGI's technical partner, defense prime contractor Eastcor Engineering.

WSGI is also currently working with Space Florida, an independent special district, body politic and corporate, and subdivision of the State of Florida, to complete a financing for up to an additional $1.5 million pursuant to a commitment letter issued by Space Florida to WSGI.

This financing follows the recent $200,000 contract award from Space Florida for the creation of a Performance Data Package in connection with the flight testing of WSGI's Argus One UAV at the U.S. Army proving ground facility in Yuma, Arizona in May/June 2011.

Chairman Michael K. Clark stated, "I am excited by the Company's direction and our growing relationships with Space Florida and our other partners. This financing will allow us to continue to execute our strategy to grow our business, strengthen our balance sheet and increase shareholder value."

CEO Glenn D. Estrella stated, "We appreciate the support we have received from our investors and our other partners. Yesterday's financing, combined with the financing we hope to close with Space Florida, will enable us to accelerate the development, testing and demonstration of our Argus One UAV and to close the GTC acquisition in order to capitalize on the GTC business opportunities."

World Surveillance Group designs, develops, markets and sells autonomous, lighter-than-air UAVs capable of carrying payloads that provide persistent security and/or wireless communications solutions at low, mid, and high altitudes.

WSGI's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions.

For more information regarding WSGI, please visit www.wsgi.com.

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