Business
Investor Converts $750,000 Bridge Loan To Equity In Global Digital Solutions, Inc.
Investor Converts $750,000 Bridge Loan To Equity In Global Digital Solutions, Inc..
About this update from Global Digital Solutions, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nInvestor Converts $750,000 Bridge Loan To Equity In Global Digital Solutions, Inc.\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\nInvestor Converts $750,000 Bridge Loan To Equity In Global Digital Solutions, Inc.\n\nMove signals growing confidence in GDSI's expanding leadership team and strategic direction including planned merger with Airtronic - the largest woman-owned small arms manufacturer in the United States\n\nPR Newswire\n\nPALM BEACH, Fla., May 22, 2013\n\n\n\n\n\n\n\nPALM BEACH, Fla., May 22, 2013 /PRNewswire/ -- Global Digital Solutions, Inc. (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 the $750,000 bridge loan it received from an investor, which it is using to provide debtor-in-possession financing to Airtronic USA, Inc. (\"Airtronic\"), is to be converted into GDSI common stock. \n\n\n\"Today's announcement signals growing confidence in GDSI's expanding leadership team and strategic direction,\" said Richard J. Sullivan, the company's largest shareholder who will become Chairman and CEO after the acquisition with Airtronic is completed. \"We've been adding key executives and advisers recently including former Florida Lt. Governor Jennifer Carroll, Edwin Wang and Matthew Kelley. The Airtronic team, under the leadership of the company's President and CEO, Dr. Merriellyn Kett, is top-notch. So it is a real vote of confidence to have the $750,000 bridge loan converted to equity. It shows that we are moving in the right direction.\"\n\n\nOn April 24, 2013, the company announced that Florida's former Lt. Governor Jennifer Carroll had joined GDSI as a senior adviser and that she was expected to become the company's President and Chief Operating Officer after the completion of the planned merger with Airtronic. \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...