Global Digital Solutions, Inc. Provides Update on Rontan Judgement and Scheduled Mediation

Rhea-AI Summary

Global Digital Solutions, Inc. (OTC: GDSI) has announced updates regarding the Rontan judgment process, including a rescheduled court-ordered mediation date from June 3 to June 11, 2021. The company is pursuing a $195 million damages award, which accrues interest at approximately $53,000 per day. GDSI is also evaluating alternative uses for its manufacturing facility in Sao Paulo, focusing on EV manufacturing and technology. The company aims to establish itself as a leader in Automotive and Aviation Technology Solutions.

Positive

• Scheduled mediation for damages award now set for June 11, 2021.
• Pursuing $195 million damages with interest accruing at $53,000 per day.
• Engaged consultant to explore EV manufacturing opportunities.

Negative

• None.

SACRAMENTO, Calif., June 3, 2021 /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 Rontan judgment process and calculation of ongoing interest on judgement award.

Court ordered mediation on the damages portion of the judgement, which was originally planned for June 3, 2021, has been rescheduled for June 11, 2021. Scheduled to attend for Global Digital Solutions will be the Company's CEO, Boies Schiller Flexner counsel and Batuda Capital Advisors, LLC, special consultant to Global Digital Solutions, Inc. 

The Company's collection efforts continue regarding the $195M damages award. Interest on the award continues to accrue at the statutory rate of approximately $53,000 per day. The Company has also engaged a specialized consultant to evaluate alternative uses for the manufacturing plant, specifically regarding the area of EV manufacturing and technology. The manufacturing plant, located near Sao Paulo, is a state of the art facility capable of modifying in excess of 25,000 motorized vehicles per year for almost any purpose.

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 $195,000,000 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-Q filed on May 24, 2021, and in our other filings with the U.S. Securities and Exchange Commission.

Contact:
Richard Brown

nesscapconsult@gmail.com

(508) 462-9638

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SOURCE Global Digital Solutions, Inc.

FAQ

What is the update on the Rontan judgment for GDSI?

Global Digital Solutions announced that the court-ordered mediation regarding the $195 million damages award has been rescheduled to June 11, 2021.

How much interest is accruing on the GDSI damages award?

Interest on the $195 million damages award is accruing at approximately $53,000 per day.

What are GDSI's future plans concerning their manufacturing plant?

GDSI is evaluating alternative uses for its manufacturing facility, particularly in the area of electric vehicle (EV) manufacturing and technology.

Who is attending the mediation for GDSI?

The mediation will include GDSI's CEO, counsel from Boies Schiller Flexner, and special consultant Batuda Capital Advisors.