OCEANVIEW, CA--(Marketwired - Feb 11, 2014) - Citadel EFT, Inc. (OTCQB: CDFT) announces that the Company has received written notice and a recent bank statement for $1,000,000.00 (One Million USD) deposited on their behalf. $4,000,000.00 (Four Million USD) will be posted and confirmed upon official receipt, according to certain agreements in place are met. As previously announced, these funds were posted to provide a "Standby Letter of Credit" (SBLC) provider with proof of available funds.
A $200,000,000.00 (Two Hundred Million USD) SBLC will be issued, upon the satisfaction of the necessary documentation, by a top 25 Global Bank, transferred and monetized by an active 3rd party credit facility located here in the United States with a top 5 US Bank, as referenced in the January 14, 2014 release.
A company spokesman said, "The one million dollars we now have in escrow will serve the same purpose and functions as we previously stated in the announcement made January 14, 2014, which conditions had yet to be entirely met."
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FORWARD LOOKING STATEMENT
CDFT cautions that statements made in the press release constitute forward-looking statements, and not guarantees of future performance, and the 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.