Global Digital Solutions' Planned Merger Partner, Airtronic USA,
Inc., Files Amended Bankruptcy Reorganization Plan -- A Significant
Step In Merger Process
PALM BEACH, Fla., Aug. 22, 2013 /PRNewswire/ -- Global Digital
Solutions, Inc. (GDSI), a company that is positioning itself as a
leader in providing small arms manufacturing, complementary
security and technology solutions and knowledge-based, culturally
attuned social consulting in unsettled areas, announced today that
its planned merger partner, Airtronic USA, Inc. ("Airtronic"), filed an amended
chapter 11 bankruptcy reorganization plan ("Plan") on August 21, 2013, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern Division.
"The filing of this Plan is another significant step forward in
the merger process," said GDSI's President and CEO Richard J. Sullivan. "If the Plan is
confirmed by the court on October 2,
2013, as expected, GDSI will be able to move forward to
complete its acquisition of Airtronic and Airtronic will emerge
from chapter 11 with adequate working capital fully capable of
competing effectively as a well-respected, innovative leader in
small arms manufacturing."
On or about August 13, 2012, GDSI
and Airtronic announced that they had signed a letter of intent to
enter into good faith discussions involving a potential strategic
combination in which Airtronic would be acquired by GDSI. Having
completed those good faith discussions, the companies signed a
merger agreement on or about October
22, 2012. The companies have been working together to
file the Plan that was filed on August
21, 2013.
About Global Digital Solutions, Inc.
Global Digital Solutions is positioning itself as a leader
in providing small arms manufacturing, complementary security and
technology solutions and knowledge-based, culturally attuned social
consulting in unsettled areas. For more information please
visit http://www.gdsi.co.
About Airtronic USA,
Inc.
Airtronic is an electro-mechanical engineering design and
manufacturing company. It provides small arms and small arms spare
parts to the U.S. Department of Defense, foreign militaries, and
the law enforcement market. The company also manufactures
medical, avionics, and telecommunications original equipment. The
company's products include grenade launchers, rocket propelled
grenade launchers, grenade launcher guns, flex machine guns,
grenade machine guns, rifles, and magazines. Founded in 1990, the
company is based in Elk Grove
Village, Illinois. On May 16,
2012, the voluntary petition of Airtronic, Inc. for
liquidation under Chapter 7 was converted to chapter 11
reorganization. The company had filed for chapter 7 bankruptcy on
March 13, 2012. For more information,
please visit www.Airtronic.net.
Forward Looking Statements
This press release contains "forward looking statements"
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The statements contained
in this press release that are not purely historical are
forward-looking statements. Forward-looking statements give the
Company's current expectations or forecasts of future events. Such
statements are subject to risks and uncertainties that are often
difficult to predict and beyond the Company's control, and could
cause the Company's results to differ materially from those
described. The Company is providing this information as of
the date of this press release and does not undertake any
obligation to update any forward looking statements contained in
this press release as a result of new information, future events or
otherwise. We have based these forward looking statements
largely on our current expectations and projections about future
events and financial trends affecting the financial condition of
our business. Forward looking statements should not be read
as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Important
factors that could cause such differences include, but are not
limited to the Risk Factors and other information set forth in the
Company's Registration Statement on Form 10 filed on August 9, 2013, and in our other filings with the
U.S. Securities and Exchange Commission.
Contact:
W.J. Delgado
916-838-8833
info@gdsi.co
Richard J. Sullivan
561-515-6163
info@gdsi.co
SOURCE Global Digital Solutions, Inc.