Citadel EFT

February 15, 2013 10:00 ET

Citadel EFT, Inc. (CDFT), CEO Gary DeRoos Announces That Citadel's FORM 10-Q Compiled by Malone & Bailey Is Available for Public Record and a Complete Copy of the Doty Scott Valuation Report Can Be Made Available Upon Request From Citadel EFT

OCEANSIDE, CA--(Marketwire - Feb 15, 2013) - Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that the complete Evaluation Report from Doty Scott Enterprises is available upon request from the Company and the US SEC FORM 10-Q for Citadel EFT is now public record. Citadel is very satisfied with these quarterly results and will look to build on the next FORM 10-Q by retiring the balance of the professional fees, which accounts for some $73,000, for Convertible Preferred Restricted Stock, thus eliminating any deficit in the accrued liability section of the balance sheet. Citadel EFT also understands that the booked asset values should increase, with every Form 10-Q & 10-K, provided the Company takes steps to retire the majority of its common stock, and/ or sells off some of the inventory, to show the liquidity of the asset.

Nonetheless, the Company is also very humbled by the support it has received from all of its shareholders, and is planning to make some promises with all of the stockholders. This pledge that management is making is a testament to the integrity of the shareholders that have supported Citadel's common stock price every day. Citadel will never again issue any securities, preferred or common, where the value cannot be substantiated prior to issuance. This includes professional fees, management stock and future acquisitions. Citadel owes its common shareholders, particularly, an incredible debt of gratitude for their continued support of the stock price. Management will lower its issued capital dramatically as soon as the Convertible Preferred C Placements are complete.

Gary DeRoos, CEO of Citadel EFT, states, "When good companies succeed it's because the shareholders made it happen. When they fail it's because management marginalized its stockholders. I am a stockholder in Citadel EFT, just like everyone else and I have the added responsibility of being a steward for the shareholders. Stock that was not paid for and did not create an intrinsic value for the shareholders will be retired. Much of the current issued stock was issued to me and I am committed to increasing shareholder equity and shareholder value, as a function of the company's true market capitalization. The steps we are taking are absolutely necessary for the short & long term. The common shareholders, particularly, face the frustration of market volatility, and we owe it to them, to protect them and not dilute them. The asset acquisition and the subsequent evaluation has been a humbling experience, because we realize how important it is to build value in the instrument that is being used to acquire equity. We diminish that value, by issuing securities, without a subscriber or a subscription, and that includes management and its professional consultants. We are all in this together, our responsibility to our common stockholders is to give them access to the preferred instruments, as a hedge against the risk they are waging in the market, and to show by our actions that we will be transparent and remove any impediments that enhance dilution in the market."

CDFT appreciates any or all inquiries from its shareholders, and any further clarification of previous press releases or company objectives, management will always make themselves available.

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,


CDFT cautions that the 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 the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.

Contact Information

  • Contact:
    Gary DeRoos