SOURCE: Citadel EFT

Citadel EFT

April 22, 2013 11:54 ET

Citadel EFT, Inc. (CDFT) Announces Registration With the SEC by July 31, 2013 for All of the Common Shareholders Who Have Been Issued the Anti Dilutive 'C' & 'D' Preferred Securities

OCEANSIDE, CA--(Marketwired - Apr 22, 2013) -  Citadel EFT, Inc. (OTCQB: CDFT) CEO Gary DeRoos announces that Citadel EFT will be finally pursuing a registration statement for its shareholders who own the 'C' & 'D' Anti Dilutive Convertible Preferred Securities by July 31, 2013. The registration will be broad based and will include all of the common shareholders who provide CDFT with proof(s) of their cash investments in the open market. The Convertible Preferred 'C' & 'D' Securities are priced at $2.50 per share and the common securities will be priced accordingly, before then, to account for the registration statement. Citadel EFT will also be entertaining licensed underwriters to structure this process, which would coincide with the Company's up-list objectives.

CDFT will be issuing the 'D' Preferred Class, and initially these securities are restricted under rule 144 for 6 months, as the 'C' Class is also restricted. The Company will not sanction any issuance resolutions of aged Convertible Preferred 'C' stock until the SEC gives the effectiveness on the Registration of all Equity Classes of stock. Citadel EFT, however, will register the securities, from all the common shareholders that we have warranted to issue securities to, in order to satisfy the fiscal interests of our loyal shareholders, and because it is necessary to expand the size of the public float, which is a requirement to be listed on the NYSE Alternext.

Gary DeRoos, CEO, Citadel EFT, states, "Registering Securities with the SEC, and pursuing an underwriter to complete the task seems to be a lost art for many companies on the OTCQB. We are well positioned to meet this objective, because the Registration will be broad based. We have over 550 shareholders of record and street name, as per our NOBO list, and we need to register as much as 25% of our Issued Capital to meet the NYSE Alternext distribution requirements. This will be relatively easy, after we make the decision, on how we restructure the company, post May 23, 2013. In order for CDFT to do the Registration, the price needs to be quoted at least at $2.50 per share, and we will be exploring the possibilities of a forward acquisition in to another company, as a wholly owned subsidiary, or a Reverse Split to meet the price objectives for up-listing."

Gary DeRoos further states, "We are extremely pleased to have the ability to protect our investors by issuing these preferred securities to them. The ability to register this stock at higher quoted prices ensures that all of our investors are protected from market forces and conditions. One preferred share will convert into 100,000 common at $2.50 per share, once the security is registered with the SEC, and will form the backbone of the new issued capital after the restructuring of Citadel EFT."

The Company confirms that it will also retire back into treasury 117,000,000 of the 168,000,000 common securities that CEO Gary DeRoos owns, by May 13, 2013.

Citadel EFT will inform its stockholders of its decisions after the subsequent issuances of the Anti Dilutive Convertible Preferred 'D' Class Shares are mailed out, commencing May 13, 2013 through May 23, 2013.

About Citadel EFT, Inc:

Based in Oceanside, CA, Citadel EFT, Inc. provides credit card merchant account services to retailers, mail order companies and online service providers. The Company provides a free terminal to the business owner and charges no yearly fees, monthly minimums, statement, or address verification fees. Citadel markets its services directly and also through resellers, http://www.credit-card-processing.com.

FORWARD-LOOKING STATEMENT

CDFT cautions that statements made in this press release constitute forward-looking statements, and not guarantees of future performance, and actual results or developments may differ materially from projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.

Contact Information

  • Contact:
    Gary DeRoos
    714-423-0701