PALM BEACH, Fla., Aug. 22, 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, culturally attuned social consulting in unsettled areas, announced today that its planned merger partner, Airtronic USA, Inc. ("Airtronic"), filed an amended chapter 11 bankruptcy reorganization plan ("Plan") on August 21, 2013, with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division.
"The filing of this Plan is another significant step forward in the merger process," said GDSI's President and CEO Richard J. Sullivan. "If the Plan is confirmed by the court on October 2, 2013, 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 fully capable of competing effectively as a well-respected, innovative leader in small arms manufacturing."
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 to file the Plan that was filed on August 21, 2013.
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, 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 also manufactures medical, avionics, and telecommunications original equipment. 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 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. 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, and in our other filings with the U.S. Securities and Exchange Commission.
Richard J. Sullivan
SOURCE Global Digital Solutions, Inc.