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In Vote of Confidence in Planned Merger with Airtronic USA, Inc., Global Digital Solutions' Majority Shareholder, Richard J. Sullivan, Provides $300,000 in Collateralized Assets to Secure $750,000 Bridge Loan
In Vote of Confidence in Planned Merger with Airtronic USA, Inc., Global Digital Solutions' Majority Shareholder, Richard J. Sullivan, Provides $300,000 in Collateralized Assets to Secure $750,000 Bridge Loan.
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[{"type":"text","content":"\n\n\n\n\n\n\n\nIn Vote of Confidence in Planned Merger with Airtronic USA, Inc., Global Digital Solutions' Majority Shareholder, Richard J. Sullivan, Provides $300,000 in Collateralized Assets to Secure $750,000 Bridge Loan\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nIn Vote of Confidence in Planned Merger with Airtronic USA, Inc., Global Digital Solutions' Majority Shareholder, Richard J. Sullivan, Provides $300,000 in Collateralized Assets to Secure $750,000 Bridge Loan\n\nBecause Airtronic USA - the Largest Woman-Owned Small Arms manufacturer in the United States - is currently a \"debtor in possession\" under Chapter 11 of the Bankruptcy Code, approval of the bridge loan - granted on October 18, 2012 - was required from the United States Bankruptcy Court for the Northern District of Illinois\n\nPR Newswire\n\nPALM BEACH, Fla., Feb. 13, 2013\n\n\n\n\n\n\n\nPALM BEACH, Fla., Feb. 13, 2013 /PRNewswire/ -- Global Digital Solutions (PINKSHEETS: 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 its majority shareholder, Richard J. Sullivan, provided $300,000 in collateralized assets to secure a $750,000 bridge loan that will facilitate the planned merger with Airtronic USA (\"Airtronic\"). \n\n\nSullivan described his $300,000 infusion as \"a vote of confidence\" in Airtronic and the company's President and CEO, Dr. Merriellyn Kett. \n\n\nBecause Airtronic is currently a \"debtor in possession\" under Chapter 11 of the Bankruptcy Code, the $750,000 bridge loan from GDSI to Airtronic was subject to approval from the United States Bankruptcy Court for the Northern District of Illinois. Approval for the bridge loan was granted on October 18, 2012. \n\n\nOn 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 th...