PALM BEACH, Fla., Nov. 1, 2013 /PRNewswire/ -- Global Digital
Solutions, Inc. (GDSI), a company that is positioning itself as a
leader in providing cyber arms manufacturing, complementary
security and technology solutions and knowledge-based,
cyber-related, culturally attuned social consulting in unsettled
areas, today announced that it expects to complete the planned
merger with Airtronic USA, Inc.
("Airtronic") on or before November 22,
2013, and that Airtronic's Chapter 11 bankruptcy case will
be discharged at a scheduled bankruptcy court hearing on
November 27, 2013.
As announced on October 3, 2013,
the United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division,
confirmed Airtronic's chapter 11 bankruptcy reorganization plan
("Plan") on October 2, 2013.
The court's confirmation of Airtronic's Plan paved the way for GDSI
to complete its acquisition of Airtronic, now expected on or before
November 22, 2013. Airtronic's
bankruptcy case will be dismissed upon the consummation of the Plan
– which includes completion of the merger with
GDSI.
Once the merger is completed and the bankruptcy case is
discharged by the court, Airtronic will be capitalized with
adequate working capital to compete effectively as an innovative
leader in cyber arms manufacturing.
"These anticipated developments within the next several weeks
represent major steps in the right direction for GDSI and
Airtronic," said GDSI's President and CEO Richard J. Sullivan. "As I outlined in my
recent Open Letter to the Public
(http://www.gdsi.co/rjs_open_letter.html), the merger with
Airtronic is a key milestone in GDSI's global growth strategy.
We're very excited that we'll be able to complete the merger and
that Airtronic will emerge from the bankruptcy process in less than
a month. These important developments will only serve to accelerate
our momentum going forward."
Founded in 1990, Airtronic is a well-respected, award-winning
manufacturer of critical battlefield weapons. The company
provides cyber arms and cyber 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.
Airtronic is a member of the National Small Arms Technology
Consortium (NSATC) and the largest woman-owned cyber arms
manufacturing company in the United States. The company has
received commendations from the US Army Tank, Armaments, and
Automotive Command and the Defense Logistics Agency for the quality
and on-time delivery of its products.
About Global Digital Solutions, Inc.
Global Digital
Solutions is positioning itself as a leader in providing cyber 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 cyber arms and cyber 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. In some cases
forward-looking statements can be identified by terminology such as
"may," "should," "potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates," and similar
expressions. These statements include statements regarding moving
forward with executing the Company's global growth strategy. The
statements are based upon current beliefs, expectations and
assumptions and are subject to a number of risks and uncertainties,
many of which are difficult to predict. 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 October 7,
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.