SOURCE: Citadel EFT

Citadel EFT

November 05, 2012 15:36 ET

Citadel EFT, Inc. (CDFT) Purchases Assets of $10 Million to Seek Listing on AMEX

OCEANSIDE, CA--(Marketwire - Nov 5, 2012) - Citadel EFT, Inc. (OTCQB: CDFT) CEO Gary DeRoos announced today that the company has purchased in excess of $10 Million in appraised, audited and unencumbered assets with the goal of making application and being listed on the American Stock Exchange (AMEX).

Requirements   Standard 1   Standard 2   Standard 3   Standard 4
Shareholders' equity   $4 million   $4 million   $4 million   N/A
Pre-tax income required in last fiscal year or two of three most recent fiscal years.   $750,000   N/A   N/A   N/A
Market capitalization   N/A   N/A   $50 million   $75 million

OR

At least $75 million in total assets and $75 million in revenues
Distribution   800 public shareholders and 500,000 shares publicly held

OR

400 public shareholders and 1 million shares publicly held

OR

400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
  800 public shareholders and 500,000 shares publicly held

OR

400 public shareholders and 1 million shares publicly held

OR

400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
  800 public shareholders and 500,000 shares publicly held

OR

400 public shareholders and 1 million shares publicly held

OR

400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
  800 public shareholders and 500,000 shares publicly held

OR

400 public shareholders and 1 million shares publicly held

OR

400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
Price   $3   $3   $2   $3
Market value of public float   $3 million   $15 million   $15 million   $20 million

On September 27, 2012, the Company entered into an asset purchase agreement with Art to Go, Inc., a New York corporation ("ATG"). ATG is a collector of Art, Entertainment and Sports Memorabilia. On October 24, 2012 the Company entered into a second asset purchase agreement with Art to Go, Inc. As a result of both asset purchase agreements, which have been consummated as of today, ATG sold to the Company over $10 Million of Sports and Entertainment memorabilia, in exchange for Series C preferred restricted stock. The Agreements are available to view at www.sec.gov.

Gary DeRoos, CEO, stated, "A company that trades on the OTCBB or Pinksheets has very little credibility in the eyes of investors. As management of a real and legitimate company, a definitive decision has been made to do what is necessary to qualify for a listing on the AMEX. The requirement to make application to the AMEX is quite reachable as shown above. Our auditors have confirmed that we have no 'ongoing concern' and that we have no corporate debt."

DeRoos continued, "With the amount of shareholder net equity that will now be reflected in the company's next audited annual financial report we will be well above the requirement of net shareholder equity; opening the opportunity to qualify very easily under Standard 2 or Standard 3. As it stands the only requirements needed revolve around share price and market value of the public float. I am confident that these requirements will be accomplished in the near future.

The Company further reports that it is debt-free and that its Auditors no longer consider the Company classified as a "Going-Concern."

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.

FORWARD LOOKING STATEMENT

Citadel EFT, Inc. cautions that the statements made in this press release constitute forward-looking statements, and makes no 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.

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