OCEANSIDE, CA -- (Marketwire) -- 02/22/13 -- Citadel EFT, Inc.'s (OTCQB: CDFT) CEO, Gary DeRoos, announces the nominations of both Kevin Grogan and Eric Griesser to Company's newly formed Advisory Board. Since September 2012, CDFT expanded its shareholder base dramatically. The aforementioned individuals played a significant role in this growth through the articulation of CDFT's message to the market.
Citadel has not paid for their services to this point, and owes a debt of gratitude for the tireless work that these gentleman have done on behalf of the Company. Their executive compensation will be derived from the Convertible C Preferred Shares, and terms will be disclosed in the next FORM 10-Q filing.
Gary DeRoos, CEO, Citadel EFT, states, "In our discussions last week, with the Managing Directors of Equity Sales of the NYSE Alternext, it was indicated that we will need at least 5 Directors on our Executive Board, and that we will need to build an Advisory Board and Audit Committee. We can think of no better qualified individuals to choose from than these two gentlemen, who have supported Citadel EFT with their ongoing financial commitment and the unpaid sacrifices made on their time. Congratulations to both of them and to our team. We have much to do in order to round out our Executive Board, and naturally these positions will likely be filled by candidates who add financial value and merit to Citadel EFT."
Management's decision to form an Advisory Board ensures more transparency with the Company's growing shareholder base, and should allow more of a voice for the common shareholders in all aspects of CDFT's business on-goings.
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
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 the projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.