Citadel EFT, Inc. (CDFT) Seeks a Reverse Split Through FINRA on May 24th, Reflects Its Enhanced Equity / Market Capitalization
OCEANSIDE, CA -- (Marketwired) -- 05/13/13 -- Citadel EFT, Inc.'s (CDFT.OB) (OTCQB: CDFT) CEO, Gary DeRoos, announces that on May 24, 2013 the preparation of FINRA documents for the "Reverse Split" of its Common Stock. The Reverse Split ratio size will be disclosed in a US SEC FORM 8-K, after CDFT files the appropriate documents with FINRA. This split is necessary to better reflect the net shareholders equity in its audited financial statements. Additionally, on a post-effective basis from FINRA, Citadel EFT will be reconstituting its "Issued Capital" by allowing its Anti-Dilutive, Convertible Preferred C & D shareholders to convert their preferred securities into common stock (1, 2 or 3 shares depending on the amount of the dollar investment) at the newly quoted price. These shareholders become recorded holders, once their preferred are sent back to Citadel EFT to be converted into common shares.
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.
Contact: Gary DeRoos 714-423-0701
Source: Citadel EFT