Citadel EFT, Inc. (CDFT) Rescinds All Agreements Related to SBLC and LTN's
March 26 2014 - 9:00AM
Marketwired
Citadel EFT, Inc. (CDFT) Rescinds All Agreements Related to SBLC
and LTN's
OCEANSIDE, CA--(Marketwired - Mar 26, 2014) - Citadel EFT, Inc.
(OTCQB: CDFT) ("Company"), a Wyoming Company, was informed on March
21, 2014, that the U.S. Securities and Exchange Commission (the
"Commission") ordered a suspension on trading of its securities for
a ten (10) day period ending on April 3, 2014. The suspension
order was issued over the Commission's concerns regarding certain
public announcements made over the period from January 2014 to the
time of the suspension, including the filing of disclosure
statements on Form 8 K, specifically relating to transactions
regarding Stand By Letters of Credit ("SBLC") and certain Brazilian
Letras Tesouro Nacional ("LTN") public bonds. Accordingly, the
Company has rescinded all agreements related to the SBLC and LTN
public bonds.
CDFT's management has advised the Commission that at the
insistence of the Company's securities counsel and external
accountants, that CDFT adopt strict financial and accounting
procedures and control, which among them include greater due
diligence in regard to investment and expansion planning prior to
the dissemination of public information. In compliance with
these enhanced accounting procedures and controls, the Company has
rescinded all agreements related to the SBLC and LTN public
bonds.
Management believes this matter will be resolved within the
suspension period without further disciplinary action for the
Commission.
This press release may contain forward looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. CDFT has tried to identify, whenever possible, these
forward looking statements by the use of words such as
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential," and similar expressions. CDFT believes
these statements reflect the belief of management and are based
upon information currently available. Accordingly, such
forward looking statements may involve unknown risks, uncertainties
and other factors which could cause actual results, performance or
completion of CDFT's business to differ materially from those
expressed in or implied by such statements. CDFT undertakes no
obligation to update or advise in the event of any change,
addition, or modification to the information stated in this press
release including such forward looking statements.
Contact: Gary DeRoos 714-423-0701 Email
Contact www.credit-card-processing.com
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