PALM BEACH, Fla., Sept. 26, 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, cyber-related, culturally attuned social
consulting in unsettled areas, today announced that a majority of
Airtronic USA's ("Airtronic")
creditors have voted in favor of Airtronic's amended chapter 11
bankruptcy reorganization plan ("Plan"). This affirmative
vote paves the way for the Plan's confirmation on October 2, 2013.
As previously announced, Airtronic, GDSI's planned merger
partner, filed the Plan on August 21,
2013, with the United States Bankruptcy Court for the
Northern District of Illinois,
Eastern Division. The court set October 2, 2013, as the date for the confirmation
hearing for Airtronic's Plan and related Disclosure
Statement. If confirmed by the court, 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 to compete effectively as an innovative leader in small
arms manufacturing.
"We're delighted that a solid majority of Airtronic's creditors
have voted affirmatively on the Plan," said GDSI's President and
CEO Richard J. Sullivan. "We
look forward to the Court's formal confirmation of the Plan at the
scheduled hearing on October
2nd. Beyond that, we're looking forward to
completing the merger process with all deliberate speed."
All shareholders and other interested parties can access
information regarding creditor ballots via www.Pacer.gov.
More About PACER
Public Access to Court Electronic
Records (PACER) is an electronic public access service that allows
users to obtain case and docket information from federal appellate,
district and bankruptcy courts, and the PACER Case Locator via the
Internet. PACER is provided by the federal Judiciary in keeping
with its commitment to providing public access to court information
via a centralized service.
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, cyber-related, 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'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
a 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, except as required by law. 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/A on September 20,
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.