PALM BEACH, Fla., Sept. 19, 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 informed shareholders and
other interested parties that they can acquire publicly available
information about creditor ballots regarding Airtronic USA's ("Airtronic") chapter 11 bankruptcy
reorganization plan ("Plan") via the Public Access To Court
Electronic Records – www.Pacer.gov – website.
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. 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.
"The October 2nd
confirmation hearing will be a major milestone in the evolution of
GDSI and Airtronic," said GDSI's President and CEO Richard J. Sullivan. "We wanted to make
sure all shareholders and other interested parties are aware that
information regarding creditor ballots is available via
www.Pacer.gov and we encourage all those interested to become
informed by accessing this publicly available information."
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 on
the Plan that was filed on August 21,
2013.
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 filed on August 9,
2013, in our Form 10/A filed on September 10, 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.