OCEANSIDE, CA -- (Marketwire) -- 02/28/13 -- Citadel EFT, Inc.'s (OTCQB: CDFT) CEO, Gary DeRoos, announces that the non-equity 40,000,000 Million Series 'A' Preferred Shares have been retired back into treasury. Citadel EFT has also concluded a memorandum of understanding with its professional consultants, whereas $73,000 in accrued liabilities will be retired for Convertible 'C' Preferred Shares. This means that, not only is CDFT debt free, but no longer has any obligations to issue securities under its ESOP (Executive Stock Option Plan).
Gary DeRoos, CEO, Citadel EFT, states, "We have retired significant amounts of compensation securities back into treasury, and the last responsibility, is to retire 70% of my personal holdings, in the issued capital. We will complete this task in concert with improvements being made to our balance sheet, which will be public record by Q2."
He further states, "We are extremely pleased with the improvements we are making to our balance sheet. The two areas that will see improvements over the next two quarters will be firstly our cash position, as we are ramping up our direct marketing efforts to increase sales of our credit card terminals, and will be adding marketable securities/notes receivable to the current asset base. Secondly, our objective is to build value through our non-current assets, such as property, patents, equipment, and licenses. The up-list to the NYSE Alternext will follow after the changes to the Board are made, and the aforementioned improvements recorded by our auditors."
Management expects to have a $6,000,000 Company, completely debt free, without any outstanding professional obligations within the calendar year.
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 projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.