Global Digital Solutions, Inc. Issues Update on Awarded Damages and Legal Fees; New Total of Incidental Damages and Legal Fees Now Stands at $236,250,080

Rhea-AI Summary

Global Digital Solutions, Inc. (OTC: GDSI) announced a significant increase in a legal judgment, now totaling $236,250,080 including interest, against Grupo Rontan Electro Metalurgica, S.A. and the Bolzan brothers. This follows an initial decision made by the United States District Court on February 2, 2021 and an affirmation from the Eleventh District Court on November 8, 2022. The company has identified assets exceeding the judgment amount and is pursuing collection through a specialist firm. GDSI also filed an S-1 registration statement to manage debt effectively. The company aims to leverage its experience into the EV and Automotive AI sectors.

Positive

• Increase in legal judgment to $236,250,080, indicating potential recovery of funds.
• Identification of assets exceeding the judgment amount, enhancing collection prospects.
• Filing of S-1 registration statement aimed at debt reduction.
• Strategic focus on expanding into EV and Automotive AI sectors.

Negative

• None.

Company has Identified Assets in Excess of the Judgement Amount

KEY WEST, Fla.--(BUSINESS WIRE)-- Global Digital Solutions, Inc. (OTC: GDSI), a company that is positioning itself as a leader in EV Technology Solutions, has announced today an increase in the initial award of $195,248,000. Interest to date now stands at $41,002,080 for a new judgment total of $236,250,080. The Company received the initial decision on or about February 2, 2021, from the United States District Court for the Southern District. The Eleventh District Court of Appeals affirmed the award on or about November 8, 2022. The judgements received were from Grupo Rontan Electro Metalurgica, S.A., Joao Alberto Bolzan and Jose Carlos Bolzan.

William Delgado, CEO and Chairman of GDSI stated, “We are very pleased to announce that our ongoing legal complaint against Rontan Metalurgica and the Bolzan brothers has been decided in its entirety. The Company, through its legal advisors, has engaged the premier information and collections group headquartered in the United States. The firm maintains a large presence in Brazil and is familiar with the collection process in that country. We have received an Apostille¹, which is the last item needed for the Brazilian courts. We have identified assets through our collections group that exceed the new adjusted judgement amounts, and we have begun the collection process. We have also filed an S-1 registration statement to begin paying down debt and to augment our collection process. We will take all actions necessary to collect this judgement in full.”

¹Apostille: Under the Hague Convention, signatory countries have agreed to recognize public documents issued by other signatory countries if those public documents are authenticated by the attachment of an internationally recognized form of authentication known as an Apostille.

Automotive Technology

The Company intends to leverage our experience gained from engineering and assembly of mobile command centers through its NACSV subsidiary into the vastly expanding Electric Vehicle (EV) and Automotive Artificial Intelligence (AI) sector. Although we do not intend to become a full-service manufacturer, we believe that we have the ability to provide support to the industry through parts, service, logistics, and software development. We also expect to develop AI solutions within the EV sector.

About Global Digital Solutions, Inc.

Global Digital Solutions, Inc. (OTC:GDSI), a company that is positioning itself as a leader in Automotive Technology Solutions, continues to enhance shareholder value in these areas. The Company expects to add significantly through acquisitions and partnerships additional capabilities in EV and Automotive AI technologies. 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-Q filed on November 21, 2019, and in our other filings with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005601/en/

William Delgado

bdelgado@gdsi.co

Source: Global Digital Solutions, Inc.

FAQ

What is the latest judgment amount for GDSI against Grupo Rontan?

The latest judgment amount for Global Digital Solutions, Inc. (GDSI) against Grupo Rontan is $236,250,080, which includes interest.

When was the initial judgment for GDSI received?

The initial judgment for Global Digital Solutions, Inc. (GDSI) was received on or about February 2, 2021.

What steps is GDSI taking to collect the judgment?

GDSI has engaged a specialized collections firm to pursue collection of the judgment and has identified assets that exceed the judgment amount.

Does GDSI have plans to expand into EV technology?

Yes, GDSI plans to leverage its experience in the automotive sector to expand into Electric Vehicle (EV) and Automotive AI technologies.