• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Techsphere Systems International Announces $10 Million Industrial Revenue Bond With Development Authority of Columbus, Georgia

Posted on: Wednesday, 27 July 2005, 09:00 CDT

Techsphere Systems International, a designer and developer of manned and unmanned airships and Cyber Defense Systems, Inc (OTCBB: CYDF), a designer and developer of next generation unmanned aerial vehicles (UAV's), the exclusive marketing company for TSI, and an operating subsidiary of Proxity, Inc. (Pink Sheets: PRXT), announced today The Development Authority of Columbus, Georgia unanimously approved $10 million in Industrial Revenue Bonds for Techsphere Systems International. Once underwritten, these Bonds will be used towards the expansion of Techsphere Systems International in the completion of Project Altitude. Project Altitude includes the acquisition of land, the renovation of existing buildings, and the acquisition of design engineered equipment. This expansion will increase employment opportunities in Columbus, Georgia.

Commenting on the announcement, Mayor Bob Poydasheff stated, "the City of Columbus and the Columbus Development Authority are delighted to be working with Techsphere Systems and Cyber Defense Systems in making Project Altitude a reality and will further enable us to expand jobs and increase city revenues."

"This funding inducement will enable Techsphere and Cyber to build a leading edge facility for both the production of airships and components for Cyber's line of UAV's," said Mike Lawson, President of Techsphere Systems.

"It is our pleasure, remarked Mr. Billy Robinson, CEO of Cyber Defense Systems, Inc., to be the exclusive Marketing and Sales Company for TSI. Cyber is excited about the future of Project Altitude and the multiple ways Cyber's UAV's will fit into the overall expansion plans. The larger and more modern facilities in Columbus joined by a working relationship with Fort Benning will not only serve the City of Columbus, but will also serve the United States as a whole."

About Techsphere Systems International, LLC:

Techsphere Systems International, LLC, located in Atlanta and Columbus, GA, is the manufacturer of low, mid and high altitude airships. Together with their teaming companies, Techsphere will design and build unique airship platforms for use in many areas including surveillance, the military and wireless communications. The current spherical airship design holds the world altitude record at over 20,000 feet. http://www.techsphere.us

About Cyber Defense Systems:

Cyber Defense Systems, Inc. is a designer and developer of next generation of UAV's. Cyber Defense also has the exclusive global government and military marketing rights to Techsphere Systems International LLC Spherical and Semi-spherical airships. Cyber Defense is currently marketing the airships and their CyberBug(TM) UAV's to various branches of the U.S. government and U.S. allies as multi-use platform vehicles capable of deployment in surveillance and communication operations. http://www.cduav.com.

About Proxity, Inc:

Proxity, Inc. is a developmental holding company specializing in the deployment and marketing of security protection technology and government contract fulfillment. With 18,750,000 shares in CYDF, Proxity is the Company's majority shareholder. Proxity seeks to acquire and develop security technology. The Company plans to enter into teaming and exclusive and nonexclusive marketing and distribution agreements with products developed for commercial, military and homeland defense. http://www.proxity.com.

This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may,""would,""will,""expect,""estimate,""anticipate,""believe,""intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control and those actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

Source: Business Wire

More News in this Category