OCEANSIDE, CA--(Marketwire - Mar 27, 2013) - Citadel EFT, Inc. (OTCQB: CDFT) CEO Gary DeRoos is pleased to announce that he will be retiring 117,000,000 of his 168,000,000 common securities effective May 13th, 2013. This is two days prior to when Citadel EFT is due to post its second quarter results. The retirement of these securities on that date will effectively bring the Issued Capital to approximately 116 million shares.
Gary DeRoos, CEO, Citadel EFT, states, "We have retired significant amounts of compensation securities back into treasury, and the last responsibility was to retire 70% of my holdings. I will be in discussion with our other preferred stockholders who own the balance of the common to suggest retiring more of the common, so that we can bring our market capitalization more in line with the equity we are building on the balance sheet.
He further states, "We are extremely pleased with the improvements we are making to our balance sheet. We expect, in the next two quarters, to improve our cash position and our overall net stock holders equity. We have retired all compensation securities to management, and lowering the Issued Capital was always part of our agenda. The significance of choosing May 13th as the effective date is that it is before our second quarter results are due to be posted. And we have indicated in a previous press release that we would lower the issued capital before Q2 was posted. We are meeting that obligation, and look forward to any shareholder inquiries on the matter."
CDFT cautions that statements made in 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.