FOLSOM, Calif., May 23, 2012 /PRNewswire/ -- Global Digital
Solutions (GDSI.PK) announced today that the company has reached
agreement with five key shareholders regarding the conversion of
approximately $1.1 Million of debt
into equity.
The debt being converted ranges from approximately $50K per individual shareholder up to
$600K. The debt is being converted at
$.50/share. The shares being issued
will bear restrictive legends under Rule 144.
Richard J. Sullivan, former
Chairman of Applied Digital Solutions, Inc. and GDSI's largest
shareholder commented, "After discussions with management and a
review of the company's business plan, I feel very confident that
the company will be creating significant value for its
shareholders. This debt conversion is one more step to creating
that value."
W.J. "Bill" Delgado, CEO of Global Digital also added, "I am
very grateful for the actions taken today by these shareholders. I
believe that this step will be well received by investors looking
to invest in the company, our business plan, and management
team."
About Global Digital Solutions, Inc.:
Global Digital Solutions provides engineering and consulting
services to Local Exchange Carriers, Long Haul Fiber Optic
Carriers, Fortune 1000 companies as well as Federal, State, and
Local governments. For more information please visit
http://www.gdsi.co.
Statements about the company's expectations, including revenue
and earnings and all other statements in this press release, other
than historical facts, are "forward looking" statements and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward looking
statements involve risks and uncertainties and are subject to
change at any time. The company's actual results could differ
materially from expected results. In reflecting subsequent events
or circumstances, the company undertakes no obligation to update
forward looking statements.
Contact:
W.J. Delgado
916-838-8833
info@gdsi.co
SOURCE Global Digital Solutions, Inc.