OCEANSIDE, CA--(Marketwire - Feb 20, 2013) - Citadel EFT, Inc's. (OTCQB: CDFT) CEO Gary DeRoos announces that he will be retiring 70% of the common shares that were issued to him as compensation. This will dramatically lower the issued capital, once these securities are officially retired to treasury. These securities will be retired after the next FORM 10-Q is posted, so as to coincide with CDFT's objective to build upon the published financial statement.
Gary DeRoos, CEO, Citadel EFT, states, "We need to lower the issued capital in the Company to reflect the current value we have booked, but timing is everything. Waiting till after 'Q2' is posted is important because it puts everyone on notice, and allows time for the market to properly reflect the value that CDFT has posted for two straight quarters."
Gary DeRoos also says, "There is a lot of market speculation, as with most quotation listed companies, much of it is based on the pragmatic reality of failure. We believe that two solid quarterly filings, with each improving upon the other, may be the catalyst that will help to enhance confidence in the open market. Clearly, the dramatic decrease of my personal holdings in the issued capital should be treated favorably, as we improve upon the numbers from the last published FORM 10-Q. We anticipate that our common stockholders will react favorably to this news. We will be able to provide further clarification to our stockholders as the plan develops."
Management's commitment to the CDFT shareholders is to continue improving the balance sheet, particularly the cash portion, and to enhance the current net shareholders equity. The completion of the Convertible Preferred 'C' Placement is also imminent, as Citadel EFT closes on the villa property in the Dominican Republic. The Company expects to be able to book this property value in the next published 'Q.'
Noteworthy, there are no current share issuance resolutions that the Company has authorized through its Transfer Agent which would cause the common stock float to increase.
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 business owners and charges no yearly fees, monthly minimums, statement, or address verification fees. Citadel markets services directly and also through resellers, http://www.credit-card-processing.com.
CDFT cautions that statements made in press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time statements are made.