SOURCE Global Digital Solutions, Inc.
Court ruling paves the way for completion of planned merger with Global Digital Solutions Inc. (GDSI)
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.
W. J. Delgado
Richard J. Sullivan
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