Global Digital Solutions, Inc Provides Update on Rontan Judgement Collections
Global Digital Solutions, Inc. (OTC: GDSI) has reported updates on its Rontan Judgment collection, now approximating $200 million with legal fees and accrued interest. After Rontan Metallurgica and the Bolzan's filed an appellate brief in October 2021, GDSI remains confident in the Federal District court's ruling.
Collection efforts are ongoing with identified assets exceeding the judgment amount. GDSI plans to use proceeds for acquisitions in the EV marketplace, focusing on cash flow-positive assets.
- Judgment amount has reached approximately $200 million, indicating strong legal positioning.
- Ongoing collection efforts have identified potential assets exceeding the judgment amount.
- Plans for acquisitions in the EV marketplace could enhance company growth and revenue streams.
- None.
Judgment now stands in at Approximately
WEST PALM BEACH, Fla., May 5, 2022 /PRNewswire/ -- Global Digital Solutions, Inc. (OTC: GDSI), a company that is positioning itself as a leader in Automotive and Aviation Technology Solutions, announces updates on the Rontan Judgment collection process.
- Rontan/Bolzan Appeal: Rontan Metallurgica (RM) and the Bolzan's have filed an appellate brief on October 15, 2021. The Company, through our counsel at Boies Schiller Flexner (BSF), has filed the Company's response on approximately January 30, 2022. RM and the Bolzan's have filed their final appellate response on or about March 25, 2022. It is now up to the schedule of the appellate court to rule on the filings. The company is hopeful that a decision can be reached by mid-summer. The Company and its counsel have studied the appellate filings and remain very confident that the Federal District court that issued the judgement was correct in its findings and application of the rules of law were accurately applied. The judgement award with accrued interest now stands at approximately
$200M . - Collection Efforts: The Company has engaged several consultants in its efforts to collect on the judgement. These consultants are experts in International and Brazilian law and have collected hundreds of millions of dollars in judgements and forfeitures for their previous clients. The asset identification process has been underway for several months. Potential assets identified exceed the judgement amount of
$200M . Although the legal process is moving forward on the appellate courts schedule, the collection efforts have continued in earnest. All of the final collection paperwork required should also be complete by midsummer. - Uses of Judgment Proceeds: The Company fully intends to begin acquisitions in the EV marketplace, including software development, manufacturing, and EV servicing options. The intent is to purchase cash flow positive assets or EV products with short timetables to being cash flow positive. The Company feels that with this capital and access to capital markets that we can become a strong source for EV technology.
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 an approximate
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 August 22, 2021, and in our other filings with the U.S. Securities and Exchange Commission.
Contact:
Jerome Gomolski
775-443-4740
View original content:https://www.prnewswire.com/news-releases/global-digital-solutions-inc-provides-update-on-rontan-judgement-collections-301540703.html
SOURCE Global Digital Solutions, Inc.
FAQ
What is the current status of GDSI's Rontan Judgment?
What are the plans for the proceeds from the Rontan Judgment?
When did Rontan Metallurgica file its appeal?
Who are the parties involved in the Rontan Judgment case?
How confident is GDSI in winning the Rontan Judgment appeal?
