INCLINE VILLAGE, Nev., Dec. 27, 2017 (GLOBE NEWSWIRE) -- Global Digital Solutions, Inc. (OTC:GDSI), a company that is positioning itself as a leader in comprehensive security and technology solutions, has announced it has reached a settlement agreement with Power Up Lending Group, Ltd. The principal balance plus accrued interest was approximately $109,303. The loan has been in default for several months, and Power Up had received a default judgment against the company on or about August 11, 2017. The note and subsequent default has been settled for the sum of $90,000, payable in 4 installments; the first installment is due on January 2, 2017 and the last installment is due April 16, 2017. The first installment of $30,000 has been paid as of December 22, 2017.
The Company also is reporting that the class action lawsuit known as Hull vs. Global Digital Solutions, Inc. and certain of its officers and directors has been dismissed as of approximately December 19th, 2017.
William J. Delgado, GDSI's CEO, commented, "I am very happy to report this news. Although we had reached a tentative agreement with Power Up around August 30, 2017, we were unable until now to finalize this agreement. This is a full release of not only GDSI, but also our subsidiary, North American Custom Specialty Vehicles (NACSV). In addition, I am also very happy to report the granting of the Motion for Dismissal coming from the court in New Jersey concerning the class action against the Company. Our legal team has spent a substantial amount of time and money researching and defending this case. I am very pleased with the outcome. I would also like to report that we are continuing to work on the 12/31/2015 Form 10K. These are important steps in getting the Company competitive again."
About Global Digital Solutions, Inc.
Global Digital Solutions is positioning itself as a leader in providing comprehensive security and technology solutions. On June 16, 2014, GDSI completed its acquisition of North American Custom Specialty Vehicles (NACSV), a leading builder of mobile command/communications and specialty vehicles for emergency management, first responders, national security, and law enforcement operations. 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.