Global Digital Solutions
Inc. Announces Settlement Agreement with Creditor; Also Announces
Dismissal of Hull Case
Incline Village, NV -- December 27, 2017 -- InvestorsHub
NewsWire -- Global Digital Solutions, Inc. (OTC:GDSI), a company that is
positioning itself as a leader in comprehensive security and
technology solutions, has announced it has reached a settlement
agreement with Power Up Lending Group, Ltd. The principal balance
plus accrued interest was approximately $109,303. The loan has been
in default for several months, and Power Up had received a default
judgment against the company on or about August 11, 2017. The note
and subsequent default has been settled for the sum of $90,000,
payable in 4 installments; the first installment is due on January
2, 2017 and the last installment is due April 16, 2017. The first
installment of $30,000 has been paid as of December 22, 2017.
The Company also is reporting that the class action lawsuit
known as Hull vs. Global Digital Solutions, Inc. and certain of its
officers and directors has been dismissed as of approximately
December 19th, 2017.
William J. Delgado, GDSI's CEO, commented, "I am very happy to
report this news. Although we had reached a tentative agreement
with Power Up around August 30, 2017, we were unable until now to
finalize this agreement. This is a full release of not only GDSI,
but also our subsidiary, North American Custom Specialty Vehicles
(NACSV). In addition, I am also very happy to report the granting
of the Motion for Dismissal coming from the court in New Jersey
concerning the class action against the Company. Our legal team has
spent a substantial amount of time and money researching and
defending this case. I am very pleased with the outcome. I would
also like to report that we are continuing to work on the
12/31/2015 Form 10K. These are important steps in getting the
Company competitive again."
About Global Digital Solutions, Inc.
Global Digital Solutions is positioning itself as a leader in
providing comprehensive security and technology solutions. On June
16, 2014, GDSI completed its acquisition of North American Custom
Specialty Vehicles (NACSV), a leading builder of mobile
command/communications and specialty vehicles for emergency
management, first responders, national security, and law
enforcement operations. For more information about GDSI, visit
http://www.gdsi.co.
Forward Looking Statements
This press release contains "forward-looking statements." 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 Annual Report on
Form 10-K filed on March 30, 2015, and in our other filings with
the U.S. Securities and Exchange Commission.
Contact:
Gary Gray
561-515-6163
info@gdsi.co
