World Surveillance Group files lawsuit against convertibles investor

Company claims breach of contract against La Jolla Cove Investors

By Devika Patel

Knoxville, Tenn., July 25 - World Surveillance Group Inc. has filed a breach of contract lawsuit against La Jolla Cove Investors, Inc. concerning a Feb. 2, 2012 $5.5 million private placement of convertibles, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The investor had committed to buy up to 23,809,523 common shares at $0.21 per share in tranches of up to $250,000. The company alleges that the investor has failed to pay fully for these shares and, consequently, the company has filed the lawsuit.

Based in Kennedy Space Center, Fla., World Surveillance Group develops and sells lighter-than-air unmanned aerial vehicles.

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