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.