Citadel EFT, Inc.'s (OTCQB: CDFT) CEO, Gary DeRoos, announces that Citadel EFT will prepare documents for FINRA on May 24, 2013 for the Reverse Split of its Common Stock. The size of the Reverse Split will be disclosed in an 8K, after we have filed the appropriate documents with FINRA. The Reverse Split is necessary, to better reflect the Net Stock holders Equity that Citadel EFT has built in its audited financial statements. Additionally, on a post effective basis from FINRA, Citadel EFT will be reconstituting the Issued Capital by allowing its Anti Dilutive, Convertible Preferred C & D Stockholders to convert their preferred securities into common stock (1, 2 or 3 shares depending on the amount of the dollar investment) at the newly quoted price. These stockholders will become shareholders of record, once their preferred are sent back to Citadel EFT to be converted into common shares and thereafter countersigned by the Transfer Agent to be delivered as a CUSIP security.
Gary DeRoos, further states, "I am canceling my 117,000,000 common shares, effective today. Additionally the remainder of my common securities, will be retired for the Anti Dilutive Convertible D Preferred Securities, the same securities we have mailed out to over 200 stockholders. The terms of the Novation Agreement will be disclosed in an 8K. The Reverse Split is necessary to meet NYSE Alter Next requirements, however, as is this case with every reverse, the issued capital and the float will dramatically shrink. We need to increase the Issued Capital, through these preferred conversions into common stock, post reverse, and we must register the shareholder's stock, through an S1 Filing, in order to reconstitute a new float, and in order to meet the distribution requirements for the NYSE Alter Next. It is after getting the EFFECTIVE with the SEC, that we will be making formal application with NYSE Alter Next, and proceed with a managed underwriting. Additionally, we will be speaking with the Regional Department Heads for the NYSE Alter Next, once the preferred shares are converted into common, for their input, on the Specialists, that CDFT will be working with on its Board. For further clarification or inquiries, feel free to email us at firstname.lastname@example.org.
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.