OCEANSIDE, CA--(Marketwire - Feb 13, 2013) - Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that BANCO POPULAR will appraise the Company's intended assignment of the Dominican Republic Villa. Per terms and conditions outlined in the "Contract of Purchase & Sale" agreement, the original owner of the property is required to provide this appraisal. BANCO POPULAR is a well established bank in the Dominican Republic.
The appraisal is necessary in order to complete the terms of the assignment, for possession of the physical property deed, and will be necessary for Citadel EFT's evaluation team and auditors to book it on the CDFT's balance sheet. In accord with Citadel EFT's expressed objective of knowing the value of the asset before completion, the appraisal gives the auditing team the ability to look at comparables, so that the Fair Market Value can be properly booked under US SEC standards.
Gary DeRoos, CEO, Citadel EFT, states, "We are very pleased that the appraisal will be done by the BANCO POPULAR, as this will add credibility to the asset that we intend to book for value. This asset's real value, however, is the income that it will produce in rental revenues. As we have mentioned before, once it's rented, that income will be dispersed on a monthly basis to the Preferred C Stockholders, as a dividend. Our objective, all along, was to create dividends, build retained earnings and enhance the net stockholders equity of the Company."
He further adds, "With the audit coming out on February 14, 2013, we can say without any equivocation that we have added significant value. Our work is not done, and we will be adding more value, as we eliminate the waste in the issued capital. The most important business priority right now for Citadel EFT is to build more value on the balance sheet, continue to grow our core business, because we are not abandoning that, and to buy income producing equity, whether its real estate, securities or other fixed assets. We will naturally be creating other new classes of preferred shares so as not to dilute the dividends streams in the existing class of security."
The Company further announces that Gary DeRoos will be doing an interview on TheStockRadio.com, with host Mr. Marek, Monday, February 18, 2013. It is expected that Gary DeRoos will discuss and further clarify the Company's current corporate on-goings and objectives, as the Company's embarks on its new business priorities.
The actual interview can be heard on www.thestockradio.com.
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.