Citadel EFT, Inc. (CDFT) Announces That 117,000,000 Common Shares of Mr. DeRoos' Personal Holdings in CDFT Will Be Retired on...
March 27 2013 - 9:49AM
Marketwired
Citadel EFT, Inc. (OTCQB: CDFT) CEO Gary DeRoos is pleased to
announce that he will be retiring 117,000,000 of his 168,000,000
common securities effective May 13th, 2013. This is two days prior
to when Citadel EFT is due to post its second quarter results. The
retirement of these securities on that date will effectively bring
the Issued Capital to approximately 116 million shares.
Gary DeRoos, CEO, Citadel EFT, states, "We have retired
significant amounts of compensation securities back into treasury,
and the last responsibility was to retire 70% of my holdings. I
will be in discussion with our other preferred stockholders who own
the balance of the common to suggest retiring more of the common,
so that we can bring our market capitalization more in line with
the equity we are building on the balance sheet.
He further states, "We are extremely pleased with the
improvements we are making to our balance sheet. We expect, in the
next two quarters, to improve our cash position and our overall net
stock holders equity. We have retired all compensation securities
to management, and lowering the Issued Capital was always part of
our agenda. The significance of choosing May 13th as the effective
date is that it is before our second quarter results are due to be
posted. And we have indicated in a previous press release that we
would lower the issued capital before Q2 was posted. We are meeting
that obligation, and look forward to any shareholder inquiries on
the matter."
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FORWARD-LOOKING STATEMENT CDFT cautions that statements made in
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.
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Contact: Gary DeRoos 714-423-0701
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