OCEANSIDE, CA--(Marketwired - May 13, 2013) - Citadel EFT, Inc.'s (
Gary DeRoos, CEO, 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 shareholders. In 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."
A registration statement on US SEC FORM S-1 will reconstitute a new share float count, and allow the Company to meet the distribution requirements for listing on the NYSE Alternext Exchange. Once the US SEC deems the S-1 'EFFECTIVE,' CDFT can formal submit its listing application. Concurrently, Management will engage a broker-dealer to manage the underwriting of the equity.
Upon preferred shares conversions into common shares, CDFT will seek the professional inputs from the regional department heads at the NYSE Alternext Exchange. These exchange professionals can provide suggested referrals for a market "Specialist" who can work with the Company's board.
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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.