Citadel EFT Inc (fka CDFT)

[jcisjc]

Posted on May 07, 2013 at 22:57 PM EDT
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Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announces that Citadel EFT has been extremely focused on strengthening its core businesses, since adding the Art to Go assets. The assets created $2,900,000 in Net Stockholders Equity on CDFT 's balance sheet. Additionally Citadel EFT already has a proven track record in issuing dividends to Management, $ 240,000 annually, now it is poised to issue it's first stock dividend to all Convertible Series D Preferred Stockholders of Record. The amount of the dividend will be determined, as a cumulative value, of the net equity that Citadel EFT will be booking from its consulting services, and partial assignments from its purchases and conversions of convertible debt from other issuers, and non affiliated assignees of the Issuer, CDFT is restructuring. Citadel EFT will be paying out $0.25 cents of its net equity on receipt, from these ventures, on a cumulative basis to be shared by the stockholders, based on their size of their investment, in the D Preferred Class. The size of the dividend will be consistent with the amount of stockholders represented as owners of that specific class, coupled with the total value of the cash or cash equivalents from these ventures, being audited. CDFT will ask it's shareholders of record to provide transit number and check number details for the dividend payout to [e-mail].

Gary DeRoos, CEO, Citadel EFT, states, " To date we have sent information to and, confirmed over 115 common investors that will be receiving the Convertible Preferred Series D Securities. This number will probably increase slightly as the May 13 deadline approaches. After the restructuring of the Company's price, we will seek to immediately effect an increase in our Issued Capital to meet our Market Capitalization requirements, by having our Convertible Preferred C & D stockholders convert the specific share(s) into the 100,000, or more, common shares to provide our stockholders with a CUSIP security, countersigned by the Transfer Agent. It is at this point in the exercise, that our original common shareholders, who may have been underwater prior to the restructuring, but received Anti Dilutive Convertible Preferred Stock, will now revert back again to common shareholders. This conversion of preferred into common securities may only represent a small percentage of their total position, now that they own preferred stock, but it is necessary to reconstitute the Issued Capital of Citadel EFT. This time, however, a specific amount of securities from all of the shareholders of record, will be registered, and underwritten at much higher prices, making the process much more manageable for all parties. This, further, announcement of dividends also provides our shareholders of record with added value. These actions not only protect the integrity of our stockholders equity in the open market, but help Citadel EFT meet the minimum qualifications to up list on the NYSE Alter Next, formerly the American Stock Exchange.

http://markets.financialcontent.com/stocks/news/read/24131653/Citadel_EFT