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 citadeleftinc@gmail.com.
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
