OCEANSIDE, CA--(Marketwire - Dec 19, 2012) - Citadel EFT, Inc.'s (
Mr. Radcliffe was instrumental in selling the "Art to Go" assets to Citadel EFT, and he brings significant business acumen for strategic acquisitions moving forward.
Mr. Radcliffe's rationale in selling the assets to Citadel EFT was because the Company was debt free, had no going concern, and had taken steps to move from the Bulletin Board. The memorabilia appraisal was based on a liquidation value, as opposed to auction value; a 15% discount on the value of the assets. An appraiser lowered the value to $10,000,000 which Citadel EFT purchased using its "Series C" preferred shares.
Dennis Radcliffe, Director, states, "One of my corporate goals moving forward will be to spearhead the due diligence review of new opportunities that this public company would be looking to purchase. The key now is to buy assets that have an income component attached, that we can identify and verify so as to enhance Citadel's retained earnings."
Gary DeRoos, CEO, states, "The addition of Dennis Radcliffe to the Board of Directors is part of Citadel EFT's overall objective to pursue an uplifting onto the American Stock Exchange-AMEX. To date we are debt free, don't have a going concern, and now have purchased assets that the Company can book as equity on its balance sheet. Adding a new Board member makes sense in light of the size of the transaction, and it further helps the Company to meet its obligation to expand its business interests beyond its current operations."
Management will continue to pursue asset purchase agreement, or forward acquisition of profitable business entities thorough a due diligence review process, this should ensure that the stockholders get full value in equity on these potential business considerations.
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.