PALM BEACH, Fla., Sept. 26, 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 a majority of Airtronic USA's ("Airtronic") creditors have voted in favor of Airtronic's amended chapter 11 bankruptcy reorganization plan ("Plan"). This affirmative vote paves the way for the Plan's confirmation on October 2, 2013.
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 and related Disclosure Statement. 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.
"We're delighted that a solid majority of Airtronic's creditors have voted affirmatively on the Plan," said GDSI's President and CEO Richard J. Sullivan. "We look forward to the Court's formal confirmation of the Plan at the scheduled hearing on October 2nd. Beyond that, we're looking forward to completing the merger process with all deliberate speed."
All shareholders and other interested parties can access information regarding creditor ballots via www.Pacer.gov.
More About PACER
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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/A on September 20, 2013, and in our other filings with the U.S. Securities and Exchange Commission.
W. J. Delgado
Richard J. Sullivan
SOURCE Global Digital Solutions, Inc.