Gary DeRoos, CEO, Citadel EFT, states, " To date we have sent information to and, confirmed over 115 common investors that will be receiving the Convertible Preferred Series D Securities. This number will probably increase slightly as the May 13 deadline approaches. After the restructuring of the Company's price, we will seek to immediately effect an increase in our Issued Capital to meet our Market Capitalization requirements, by having our Convertible Preferred C & D stockholders convert the specific share(s) into the 100,000, or more, common shares to provide our stockholders with a CUSIP security, countersigned by the Transfer Agent. It is at this point in the exercise, that our original common shareholders, who may have been underwater prior to the restructuring, but received Anti Dilutive Convertible Preferred Stock, will now revert back again to common shareholders. This conversion of preferred into common securities may only represent a small percentage of their total position, now that they own preferred stock, but it is necessary to reconstitute the Issued Capital of Citadel EFT. This time, however, a specific amount of securities from all of the shareholders of record, will be registered, and underwritten at much higher prices, making the process much more manageable for all parties. This, further, announcement of dividends also provides our shareholders of record with added value. These actions not only protect the integrity of our stockholders equity in the open market, but help Citadel EFT meet the minimum qualifications to up list on the NYSE Alter Next, formerly the American Stock Exchange.
Gary DeRoos further states, " The stock dividends, on a quarterly basis, are also intended to discourage further conversions of the Convertible Preferred Securities in common shares beyond the six month maturity of those aforementioned securities. CDFT is proposing to register more than half of its Issued Capital, in the Registration Statement with the SEC, so that its stockholders will be able to part of the underwriting and SPO. This presents a significant monetary opportunity to all who have become shareholders of record. Naturally any future conversions, will require Issuance Resolutions from CDFT, which the company will oblige as a function of market conditions, through its selected underwriter. Such conversions will, however, result in the loss of those quarterly dividends, which are expected to increase dramatically, as Citadel EFT expands its business interests to other Issuers, in need of Corporate Restructuring, and Debt Consolidation.
Management will provide more clarification on the amount of the dividend, as the time draws near to quantify those numbers on the balance sheet. Gary DeRoos also reaffirms that he will be retiring 117,000,000 of his common shares at the beginning of business, 10: 00 pm PST / 1:00 pm EST.
FORWARD-LOOKING STATEMENT
CDFT cautions that 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 projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.
Contact:
Gary DeRoos
714-423-0701
