Gary DeRoos, CEO, of Citadel EFT, further states, " I made a mistake in issuing those securities to myself, I did not realize that issuing more preferred securities could affect the overall evaluation of the company, as these securities don't increase the issued capital of the company at present. But I now realize it can affect the audited equity of the company and possibly the price of the common stock. I also believe that the amount of issued shares that I have is too much, I have Series B Preferred stock which affords me everything I need. I have issued myself the majority of the common shares and I really see it now as a impediment to building shareholder value. So in keeping with increasing the value, I will be sitting down with our professional consultants and accountants over the next weeks to the possibility of retiring much more of the issued capital of the company. We will figure out that number, after the audit is released and after careful discussion with the majority stock holders. The priority moving forward is to up list to the American Stock Exchange, and we need to have a minimum of $4,000,000 in net stock holders equity, a 50,000,000 market cap and a $2.00 price per share. We believe with the consistent growth of Citadel EFT's business operations, it's commitment to purchasing value and enhancing the balance sheet as we did with asset purchases we have made, we are on our way, but our capital structure needs to be overhauled to reflect our desire to meet AMEX standards. So we need to lower the issued capital, and refrain from issuing any securities, where the value to the stock holder, officers and directors is not already substantiated and proven."
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.
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.
Contact: Gary DeRoos 714-423-0701 Email Contact http://www.credit-card-processing.com
