Global Digital Solutions Announces Management, Operational, and Accounting Changes.SACRAMENTO, Calif. -- Global Digital Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GDSI), which specializes in advanced communications solutions, today announced that on September 9, 2004 Chairman of the Board, Richard Sullivan, along with board members Arthur Notterman and Garrett Sullivan resigned as directors. On September 22, 2004, William J. Delgado, Executive Vice President, was appointed to the Board of Directors. Subsequently, Jerome C. Artigliere, President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , COO and Director tendered his resignation from all positions within Global Digital. Mr. Delgado has assumed all roles previously held by Mr. Artigliere. Effective September 24, 2004, Daniel McKelvey and Marcos T. Santos were appointed to the Board of Directors of Global Digital. Daniel McKelvey has over 15 years of experience in corporate finance, private equity and business consulting specializing in the technology and capital markets industries. He is a co-founder and managing member of Forte Capital Partners, a private equity firm based in San Francisco, focused on the technology and telecommunications industries. In 1996, Mr. McKelvey also co-founded and directed the investment banking practice of Forte Capital, a New York-based asset management firm with over $500 million in assets. Prior to that, he spent eight years working for Accenture (formerly Andersen Consulting) risk management systems. At Accenture, he worked with Donaldson Lufkin & Jenrette and Goldman Sachs in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and The Capital Group in Los Angeles. He received a bachelor of science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies in mathematics and computer science with honors from the University of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . Marcos T. Santos has been a managing member of Forte Capital Partners from 1999 to present. From 1997-1998, Mr. Santos was the manager of the San Francisco Consulting Group, which provided business development, strategy and business integration projects at Fortune 500 companies. From 1991-1997, Mr. Santos was a manager at Accenture (formerly Andersen Consulting). Mr. Santos obtained a bachelor of science in electrical engineering with an emphasis in computer science and a master of science in management science from Stanford University. OTHER EVENTS: On June 17, 2004, a complaint was filed by Mastec North America, Inc. v. Pacific ComTel, Inc., Superior Court of California, County of Los Angeles, Case No. BC317244, seeking damages in the amount of $1,500,000. Plaintiff Mastec North America, Inc. is seeking relief for breach of contract. On July 25, 2004, Global Digital filed a cross-complaint for breach of contract, reasonable value of construction labor and materials labor and materials (time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. , on account stated An amount that accurately states money due to a creditor; a debt arising out of transactions between a debtor and creditor that has been reduced to a balance due for the items of account. , enforcement of stop notice, for breach of statutory duty, and on public works payment bond. Global Digital is seeking damages in the amount not less than $1,517, 292 plus statutory penalties, attorney's fees, and interest. On September 13, 2004, Global Digital received notice from Laurus Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control that Global Digital is in default for non-payment of interest due under its borrowing agreement. On September 27, 2004, Laurus Funds and the Company entered into a standstill/forbearance agreement for a period of sixty days. Effective September 29, 2004, the board of directors of Global Digital have accepted the resignation of Rubin, Brown, Gornstein & Co., LLP LLP - Lower Layer Protocol (RBG RBG Royal Botanical Gardens RBG Revolutionary But Gangsta (Dead Prez album) RBG Regalbediengerät (machine for moving pallets in an automatic warehouse) RBG Red Blue and Green ) as the Company's principal accountants. In addition, the board of directors has engaged the firm of Russell Bedford Stefanou Mirchandani LLP as the Company's new principal accountants. During Global Digital's fiscal year ending June 30, 2004 and the interim period through the date of resignation, there were no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure and there were no "reportable events" with Global Digital. On September 28, 2004, Global Digital has received approximately $404,000 in bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. . Upon receipt of this financing and long-term equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for Global Digital of at least $2,000,000 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , Messrs. Sullivan and Artigliere have agreed to return approximately 14,100,000 common shares back to Global Digital. Global Digital is currently in negotiations for the long-term equity financing. William J. Delgado, Global Digital's CEO, stated, "Global Digital has undergone significant changes within the past two weeks. With the addition of the new board members and the core operational team in place, and, upon commencement of the long-term financing, Global Digital is poised and ready to execute its business plan." Additional details can be found in the Company's forthcoming 8-K filing. About Global Digital Solutions, Inc. Global Digital Solutions, Inc. is headquartered in Sacramento, California. Operating as a telecommunications integrator, the company has developed a host of proprietary service solutions designed to optimize inter-office communications. The Company designs, implements and maintains high-speed, state of the art networks in conjunction with our technology partners to provide our customers with scaleable, cost effective and reliable systems that meet today's demanding needs and tomorrow's ever-changing requirements. |
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