SOURCE: Citadel EFT

Citadel EFT

February 21, 2013 12:09 ET

Citadel EFT, Inc. (CDFT), Provides Further Information on the Impending Retirement of CEO, Gary DeRoos' Common Stock

OCEANSIDE, CA--(Marketwire - Feb 21, 2013) - Citadel EFT, Inc. (OTCQB: CDFT) provides further information and clarifications on impending retirement of CEO, Gary DeRoos' common stock ownership.

Mr. Gary DeRoos, Citadel EFT's CEO, states, "We received a lot of inquiries from our shareholders about the timing of the retirement of my personal holdings. Upon further review and discussion with our professional consultants, I am going to retire 70% of my shares just before our Q2 is posted. We have not arrived at a specific date, but I am committed to lowering the issued capital in an orderly way. The market needs to absorb the fact that we will be lowering the issued capital, but we believe some suspense on the exact timing of these securities being retired back into treasury is necessary."

Management is currently considering a share buy-back program, but a definitive decision has yet to be made on the program.

CDFT will continue to increase the value to the shareholders, by enhancing the numbers on its balance sheet, and moving forward with the Corporate strategy to purchase equity with income. Improving the basic fundamentals of Citadel EFT, and diversification of its asset value is essential to this process.

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 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
    714-423-0701