[August 06, 2004] Florida-Based Global Digital Solutions, Inc. Secures $3 Million Convertible Financing Facility from Laurus Funds WEST PALM BEACH, Fla. --(Business Wire)-- Aug. 6, 2004 -- Global Digital Solutions, Inc. (OTC BB:GDSI), which specializes in advanced communications solutions, today announced that it has secured a $3 million convertible financing facility from Laurus Master Fund, Ltd. ("Laurus Funds"), a New York-based institutional fund that specializes in direct investments in growing, small capitalization companies. "We are very pleased to have formed this strategic alliance with Laurus Funds," commented Jerome C. Artigliere, CEO/President of Global Digital. "The financing facility will underpin our core growth and M&A initiatives and allow us to restructure our debt into a financing arrangement that will support our existing efforts to raise funds in the equity markets. As we move forward, I believe this relationship with Laurus will prove to be a major milestone in our corporate evolution." The financing facility is a three-year, revolving fixed price convertible note that bears an interest rate of prime plus 8%; provided that such interest rate will be reduced to prime plus 3% upon completion of an equity raise satisfactory to Laurus Funds. The structure allows for portions of the outstanding balance to be converted into equity, thereby increasing the funding amounts available to the Company. Additional details about the transaction can be found in the Company's forthcoming 8-K filing. About Global Digital Solutions, Inc. Global Digital Solutions, Inc., (GDSI) is headquartered in West Palm Beach, Florida. On January 8, 2004, GDSI acquired San Marcos, CA-based Pacific ComTel (www.pacificcomtel.com), a telecommunications carrier/integrato.In pursuing the lucrative U.S. Government contract marketplace, GDSI has identified three key industry segments: Communications; Security; and Services. GDSI's business plan calls for generating 70% of its revenues from government contracts and 30% from private sector services. Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. [ Back To TMCnet.com's Homepage ]