OCEANSIDE, CA--(Marketwire - Dec 12, 2012) - Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that in keeping with the Company's pursuit of an American Stock Exchange-AMEX listing, the Company will be filing a registration in the New Year. The registration statement, once effective from the SEC, will move the Company into a '34 Act Company,' and will increase the distribution in the stock to meet the required amount of stockholders in the security.
Gary DeRoos, CEO, states, "This registration statement is a necessary step to becoming a Business Development Corporation, 'BDC,' as only 34 Act Companies can elect to become one. The BDC process perfectly reflects our expansion goals, because our stated objective will be to buy incomes, and pass dividends on to stakeholders. Creating dividends through existing business operations, as a group, we can certainly buy appreciable incomes and flow those dividends back into the Company as retained earnings, and to the stakeholders as cash dividends. The purchase of the $10,000,000 unencumbered, non impaired assets has catapulted CDFT from its current business operations. The next step is now to purchase identifiable and verifiable income that can be passed on to the shareholders, which the funding from the registration will do for us."
CDFT's Management believes that being a BDC entity is best suited for Company and its shareholders. A requirement to become a BDC, the Company needs to maintains a Net Asset Value and debt obligation below equity. At this time, the Company meets these current financial conditions and will move forward with a 1934 Act Registration Statement.
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.