PALM BEACH, FL / ACCESSWIRE / August 17, 2016 / William J. Delgado, newly-named Chairman and Chief Executive Officer of Global Digital Solutions (OTC: GDSI) a company that is positioning itself as a leader in providing comprehensive security and technology solutions, today released a Shareholder Letter announcing the filing of an 8-K regarding an SEC action against the Company and two of its former officers and directors. In addition, the letter provides updated information on previously-communicated issues and initiatives. The text of the letter follows:
August 16, 2016
RE: Letter to Shareholders
Dear Fellow Shareholder,
As you may know, The Company filed an 8-K on Tuesday, August 16, 2016 outlining a civil action being brought by the SEC against the Company and two of its former officers and directors. The Company has retained legal counsel to evaluate the complaint and I will attempt to keep the shareholders updated to the extent allowable by law. It should be noted that the Company's liability extends only to the alleged acts of these former officers and directors as employees the company. No other personnel, employees or contractors are so named.
Since issuing the shareholder letter on May 15, 2016, Global Digital Solutions, Inc. (the "Company") has been working on the priority items I set out in the letter.
(1) Cleaning up the Company's balance sheet and becoming current with our public filings.
Status: We have made good progress on these items, but will not be able to give specifics until sometime in September.
(2) Reviewing our strategic alternatives, including our recent negotiations and agreements with our announced acquisition.
Status: The management team of myself, V.P. of Business Development, Ross Trevino, and advisory board member, Matt Kelly, have made substantial progress in this area. Unfortunately, we are unable to provide details at this time, both for legal and strategic reasons. I look forward to disclosing our information to you at the appropriate time. Rest assured our management team, including Chief Financial Officer, Jerry Gomolski, and Chief Technology Officer, Gary Gray, are working hard to get all of the work completed.
This summer has been one of the most challenging periods of my entire career. Please know there are significant financial and legal hurdles still in our path; we will be relying on our management experience and will require outside help, i.e. financing, in order to achieve our goals. Your understanding and support is greatly appreciated.
/s/ William J. Delgado
William J. Delgado, CEO
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 March 30, 2015, and in our other filings with the U.S. Securities and Exchange Commission.
SOURCE: Global Digital Solutions, Inc.