Sanswire Corp. Announces First Quarter 2010 Results

Sanswire Corp. (OTC.BB:SNSR) today announced that it has filed with the United States Securities & Exchange Commission its quarterly report on Form 10-Q for the quarter ended March 31, 2010.

For the quarter ended March 31, 2010, the Company reported a net loss of $729,090, or $0.00 per share, with no revenue, compared to a net loss of $449,756, or $0.00 per share, with no revenue for the quarter ended March 31, 2009.

The net loss for Q1 2010 is attributed to an operating loss during the quarter of $1.16 million compared to an operating loss of $332,000 for Q1 2009. Contributing to the enlarged net loss were higher consulting fees, non-cash compensation and amortization partially offset by lower payroll and G&A costs.

The net loss was also related to interest-related expenses of $244,000 compared to interest-related expenses of $188,000 for Q1 2009; and to $675,000 related to derivative financial instruments gain compared to derivative financial instruments gain of $700,000 for Q1 2009.

"We continue to make progress in developing our corporate infrastructure while advancing our business plan," said Chief Financial Officer Thomas Seifert.

Sanswire's Quarterly Report on Form 10-Q is available via its website.

About Sanswire Corp.
Sanswire Corp. (OTC.BB:SNSR) develops and provides an integrated suite of aerospace communications products and services, leveraging its relationships with leaders in UAV (Unmanned Aerial Vehicle) technologies. Sanswire Corp. is focused on the design and construction of various aerial vehicles, capable of carrying payloads that provide persistent surveillance and security solutions at various altitudes.

Forward-Looking Statements
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

View Sanswire's First Quarter 2010 Results

Source: Marketwire/Yahoo Finance