OCEANSIDE, CA--(Marketwired - May 2, 2013) - Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that Citadel EFT has been in preliminary talks with several potential licensed broker dealer (BD) firms to underwrite its Common Securities on behalf of its Shareholders of Record, after the Company's capital restructuring is complete. The newly "Convertible Preferred D" shareholders, as recorded owners by May 13, 2013, can officially be listed as "Shareholders of Record." Their securities will form the backbone of the upcoming US SEC registration statement, and "Secondary Public Offering" (SPO) that will be managed through a licensed BD underwriter.
Gary DeRoos, CEO, Citadel EFT, states, "Citadel EFT has made great strides to increase in Net Stockholders Equity, and to meet NYSE Alternext requirements (formerly known as the American Stock Exchange), and we are pleased to finally set our goals to moving to the next phase of our objectives. We will be asking our newly found preferred shareholders to convert a certain number of their preferred security into COMMON stock, post restructuring, and we will be registering that stock as part of the Secondary Public Offering which an Underwriter will manage. This will allow our Shareholders of Record to sell their securities in the new market, without any hindrances. It will also allow CDFT to meet the market capitalization, float & distribution requirements to up-list on the NYSE Altenext which is absolutely necessary, post restructuring."
Gary DeRoos further states, "The issuance of Convertible 'D' Preferred Securities to the Company's loyal shareholders rewards the holders of record with a conversion into CDFT's Common shares at higher prices in a newly restructured issued capital of the Company. The BD underwriting of the aforementioned securities allows these shareholders of record the opportunity to sell their registered positions freely traded within the BD's created market."
Management will provide more clarification, as the time draws near, and welcomes inquiries on this registration and SPO process.
CDFT cautions that 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 projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.