OCEANSIDE, CA -- (Marketwire) -- 02/22/13 -- Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that he will be retiring 40,000,000 of the 51,000,000 Series A Non-Equity Preferred Shares. These securities don't have a quantitative value, as they were issued from Treasury, for the sole purpose of housing the dividend that Gary DeRoos receives as executive compensation from Citadel EFT's core business.
Gary DeRoos, CEO of Citadel EFT, states, "The conference call between our professional advisors and core shareholder base, yesterday, February 21, 2013, was very compelling and extremely informative. We learned that our open market shareholders understand the pulse of the open market and its nuances far better than we understood. Perception is sometimes more important than the reality that we assume that people will understand. We have a tendency to see things for what we believe is clearly defined, but market perception of the reality is often defined differently. Take for example, the Series 'A' Preferred Non-Equity Shares, I issued to myself. The 51,000,000 shares do not have a specific qualitative value, as they represent a random number of securities that were originally issued for the dividend."
He further explains, "I paid myself $160,000 annually in revenues generated from the retained earnings in Citadel EFT. And on our balance sheet, there exists a nominal value of $510.00 for those securities. However, it has come to our attention, from our core group of investors, that the SIZE of the issuance of those aforementioned securities could be perceived as gratuitous. The market, could in fact, perceive the existence of those securities, and the amount issued, as qualitative value, soon to be converted. This perception is contrary to the actions we have taken to curtail previous issuances of stock."
CDFT's Management has no interest in converting any of its Preferred Securities and will retire 40 million of the 51 million Non-Equity Preferred 'A' Securities effective, Monday, February 25th, 2013.
The Corporation would like to thank their loyal shareholder base for their continued support. And Management looks forward to answering any inquiries that are already public record.
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.