Global Digital Solutions, Inc Issues Update on Awarded Damages and Legal Fees, OTC Filing Requirements and Collection Process

New total of Incidental Damages and Legal Fees Now Stands at $255,972,880 (Base Award $195,248,000 + Interest to date of $60,724,880). 

KEY WEST, Fla. , Jan. 25, 2024 /PRNewswire/ -- Global Digital Solutions, Inc. (OTC: GDSI), a company that is positioning itself as a leader in EV Technology Solutions, has announced today an increase in the initial award of $195,248,000. Interest to date now stands at $60,724,880, for a new judgment total of $255,972,8080. The Company received the initial decision on or about February 2, 2021 from the United States District Court for the Southern District. The Eleventh District Court of Appeals affirmed the award on or about November 8, 2022. The judgements received were from Grupo Rontan Electro Metalurgica, S.A., Joao Alberto Bolzan and Jose Carlos Bolzan.

William Delgado, CEO and Chairman of GDSI added "These types of collections are very complex. Our team has spent the last several months reconfiguring our strategy. Although the majority of the strategy needs to remain confidential, we will be naming a new collections coordinator who has significant insight into the dealings of the judgement principals. Also, as part of the strategy, we are engaging additional outside resources who specialize in these types of collections.

OTC Filing Requirements: Our 9/30/2023 Quarterly filing is materially complete. Unfortunately, even with assurances from our audit team, it was unable to be filed in a timely manner. The company is taking steps to rectify this situation, which will be announced in the next few days. We fully expect to regain compliance with OTC requirements in the next 30-60 days. In the meantime, trading can still be undertaken by appointment.

Automotive Technology

The Company intends to leverage our experience gained from engineering and assembly of mobile command centers through its former NACSV subsidiary into the vastly expanding Electric Vehicle (EV) and Automotive Artificial Intelligence (AI) sector. Although we do not intend to become a full-service manufacturer, we believe that we have the ability to provide support to the industry through parts, service, logistics, and software development. We also expect to develop AI solutions within the EV sector.

About Global Digital Solutions, Inc.

Global Digital Solutions, Inc. (OTC: GDSI), a company that is positioning itself as a leader in Automotive Technology Solutions, continues to enhance shareholder value in these areas. The Company expects to add significantly through acquisitions and partnerships additional capabilities in EV and Automotive AI technologies. 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 June 19, 2023, and in our other filings with the U.S. Securities and Exchange Commission.

Contact:
William Delgado

SOURCE Global Digital Solutions

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