Global Digital Solutions, Inc. Provides Business Update on Rontan Collection Efforts and Automotive/Aviation Technology Solutions

Rhea-AI Summary

Global Digital Solutions, Inc. (OTC: GDSI) announced a corporate update regarding its $195M damages collection efforts, engaging a top security firm and its Brazilian counsel to assist. The company is evaluating the best use of automotive assets in Brazil, focusing on electric vehicle parts and manufacturing. Final flight testing for the PALS system is scheduled for mid-May, with plans to explore advanced aviation technology. Rontan, involved in the lawsuit, intends to appeal certain judgment segments, although GDSI remains confident in the outcomes.

Positive

• Engaged a leading security firm for $195M damages collection efforts.
• Evaluating automotive assets in Brazil for potential electric vehicle applications.
• Scheduled final flight testing for PALS in mid-May.

Negative

• Rontan and Bolzans are appealing segments of the judgment.

SACRAMENTO, Calif., April 22, 2021 /PRNewswire/ -- Global Digital Solutions, Inc. (OTC: GDSI), a Company that is positioning itself as a leader in Automotive and Aviation Technology Solutions, provides a corporate update from CEO William Delgado.

Collections

The Company has begun collection efforts regarding our $195M damages award. Although unable to discuss specifics, I can say that we have engaged one of the preeminent worldwide security firms to head up these collections. This securities firm has offices in Brazil and will be working with our Brazilian counsel and our team at Boies Schiller Flexner.

Automotive Technology

The Company has engaged an automotive technology consultant to begin the process of finding the best way to utilize the assets in Brazil. This will include evaluation of electric vehicle supply and/or parts, along with general manufacturing that is currently underway at the plant.

Aviation Technology

The Company has scheduled its final flight testing for the PALS system, which we are expecting to begin in mid-May.  We look forward to  providing updates on our testing contractor as we approach the scheduled testing date. We are also looking at other advanced aviation technology solutions for the PALS product, including aircraft spacing and noise abatement.

Damages Appeal

Rontan and the Bolzans have indicated they would be appealing certain segments of the judgement and damages. Although it is still early, the Company believes that the court was very thorough in its final outcomes and we remain very confident that the segments that can be appealed will be upheld. Since no bond has been secured, all of our collection efforts will continue at full speed and unabated.

About Global Digital Solutions, Inc.

Global Digital Solutions, Inc. (OTC:GDSI), a Company that is positioning itself as a leader in Automotive and Aviation Technology Solutions, continues to enhance shareholder value in these areas. In addition to our acquisition strategy, the Company has been awarded damages of specific performance and a $192,000,000 in incidental damages in its lawsuit Grupo Rontan Metalurgica, S. A, ("Rontan") and that company's controlling shareholders, Joao Alberto Bolzan and Jose Carlos Bolzan. Rontan  is one of the world's largest manufacturers of original equipment for specialty vehicles for emergency management, first responders, national security, and law enforcement operations. In August of 2019, the Company acquired HarmAlarm. HA was formed in 2002 as a private Texas company to pursue Infrared commercial applications in the aviation services area. HA has developed a system known as Precision Approach Landing System (PALS). PALS provides a high-performance state of the art enhanced Situation Awareness capability for the pilot. The precision and robustness of PALS has generated a host of new applications mainly through "landing trajectory" optimization which provides additional safety margin against weather related hazardous conditions, such as wind shear, wake turbulence, icing, as well as low ceilings and fog. 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 April 19, 2021, and in our other filings with the U.S. Securities and Exchange Commission.

Contact:
Richard Brown
508.462.9638

 

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SOURCE Global Digital Solutions, Inc.

FAQ

What is the latest update from Global Digital Solutions, Inc. regarding the $195M damages?

Global Digital Solutions, Inc. is actively working with a top security firm to collect the $195M damages awarded in their lawsuit.

When will Global Digital Solutions, Inc. conduct its final flight testing for the PALS system?

The final flight testing for the Precision Approach Landing System (PALS) is scheduled to begin in mid-May.

What initiatives is Global Digital Solutions, Inc. pursuing for its automotive technology?

The company is collaborating with a consultant to optimize its automotive assets in Brazil, focusing on electric vehicle supply and parts.

What is the status of Rontan's appeal related to the damages awarded to Global Digital Solutions, Inc.?

Rontan and its controlling shareholders plan to appeal certain segments of the judgment, but GDSI is confident in the court's decision.