PALM BEACH, Fla., Oct. 3, 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 on October 2,
2013, the United States Bankruptcy Court for the Northern
District of Illinois, Eastern
Division, confirmed the amended chapter 11 bankruptcy
reorganization plan ("Plan") submitted by the company's planned
merger partner, Airtronic USA,
Inc. ("Airtronic"). A strong majority of Airtronic's
creditors voted in favor of the Plan.
"We're very pleased about the court's ruling and we congratulate
the Airtronic team for reaching this important milestone," said
GDSI's President and CEO Richard J.
Sullivan. "This ruling signals a major turning point
in the evolution of both GDSI and Airtronic. It's been a long
process getting to this point, but we think the wait will prove to
be worthwhile. We're eager to complete the merger process in
the near future and to move forward in implementing our global
growth strategy."
Now that the Plan has been confirmed by the court, GDSI will be
able to complete its acquisition of Airtronic. Airtronic's
bankruptcy case will be dismissed upon the consummation of the Plan
– which includes completion of the merger with GDSI – and Airtronic
will be capitalized with adequate working capital to compete
effectively as an innovative leader in small arms
manufacturing.
"We're very grateful that the court has confirmed our
reorganization Plan and that we can now proceed to finalize the
merger and have the bankruptcy case dismissed," said Dr. Merriellyn
Kett, Airtronic's President and CEO who will continue serving as
the company's CEO after the merger between GDSI and Airtronic is
finalized. "This is a major step forward that will allow the
talented Airtronic team to focus on serving customer needs and
growing the company."
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 Chapter 7
bankruptcy of Airtronic was converted to a Chapter 11
reorganization. The company's Chapter 7 bankruptcy case had begun
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 filed 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.