Global Digital Solutions, Inc. and Planned Merger Partner Airtronic USA, Inc. -- Announces "Substantial Contract" For Airtronic -- the Largest Woman-Owned Small Arms Manufacturer in the United States
Contract is the first in what is expected to be a series of contracts involving Airtronic's weapons-related core business products
PR Newswire
PALM BEACH, Fla., May 30, 2013
PALM BEACH, Fla. , May 30, 2013 /PRNewswire/ -- Global Digital Solutions (OTC PINK:GDSI), a company that is positioning itself as a leader in providing knowledge-based and culturally attuned social consulting and security-related solutions in unsettled areas, announced today that Airtronic USA ("Airtronic") has received the first in what is expected to be a series of contracts involving the company's core business products.
On August 20, 2012 , the 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 and reorganization plan on October 16 , 2012. Dr. Merriellyn Kett, Airtronic's President and CEO, is expected to continue serving as CEO of Airtronic once the merger between GDSI and Airtronic is finalized.
Founded in 1990, Airtronic is a well-respected, award-winning manufacturer of critical battlefield weapons. The company 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.
"This is a substantial contract that is expected to be followed by similar contracts in the future," said GDSI founder and largest shareholder Richard J. Sullivan , who will become Chairman and CEO after the acquisition with Airtronic is completed. "I was delighted when Merriellyn Kett, Airtronic's President and CEO, shared this positive news with me. This contract confirms what we've known all along – that Airtronic has a strong track record of meeting critical customer needs for quality weapons-related products. I congratulate Merriellyn and the entire Airtronic team on this exciting development."
Airtronic is a member of the National Small Arms Technology Consortium (NSATC) and the largest woman-owned small 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.
More About Richard J. Sullivan
Dick Sullivan is an entrepreneurial pioneer. In 2001, Sullivan received the prestigious World Economic Forum's "Award for Advanced Chip Technology" presented in Davos, Switzerland . He served as Chairman and CEO of Applied Digital Solutions, where he executed a technology rollup involving 42 acquisitions that succeeded in increasing the company's share price from $2.50 to a peak of $18 per share. During Sullivan's decade-long tenure as Chairman and CEO, Applied Digital was one of the highest volume traded stocks on NASDAQ. Sullivan also served as Chairman and CEO of Digital Angel Corporation and led the effort to spin off VeriChip Corporation. In 1970, he was a founding member of the management team of Manufacturing Data Systems, Inc., which listed at $7.50 per share and was sold to Schlumberger N.V. in 1980 at $65 per share.
More About Merriellyn Kett, PhD
Airtronic's CEO and President joined the company in 2003 as a partner and helped to refocus the business on several essential battlefield weapons, including the M203 40mm Grenade Launcher – one of the most widely used grenade launchers in the world – the .50 cal. Machine Gun, the MK 19 Grenade Machine Gun, and most recently the MK 777, a shoulder-fired recoilless rifle that is light, lethal, and affordable. Dr. Kett received her doctorate in analytic philosophy from DePaul University in Chicago, IL , and spent a year studying at the Sorbonne in Paris , France. Before joining Airtronic in 2003, she worked in infrastructure development in China , building a metallurgical coking plant in Shanxi Province.
About Global Digital Solutions, Inc.
Global Digital Solutions is refocusing its business strategy on providing knowledge-based and culturally attuned societal consulting and security-related solutions 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 .
Statements about the company's expectations, including revenue and earnings and all other statements in this press release, other than historical facts, are "forward looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward looking statements.
Contact:
William J. Delgado
916-838-8833
info@gdsi.co
Richard J. Sullivan
916-535-1713
info@gdsi.co
SOURCE Global Digital Solutions
