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.
Richard J. Sullivan
SOURCE Global Digital Solutions, Inc.