Citadel EFT Inc (fka CDFT)

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Citadel EFT, Inc. (CDFT) Confirms a $200,000,000.00 USD Credit Facility for the Monetizing of a Top Bank Standby Letter of Cr...
Date : 01/14/2014 @ 9:00AM
Source : Marketwired
Stock : Citadel Eft, Inc. (QB) (CDFT)
Quote : 2.5 0.0 (0.00%) @ 4:17PM
Citadel EFT, Inc. (CDFT) Confirms a $200,000,000.00 USD Credit Facility for the Monetizing of a Top Bank Standby Letter of Cr...
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Citadel EFT, Inc. (CDFT) Confirms a $200,000,000.00 USD Credit Facility for the Monetizing of a Top Bank Standby Letter of Credit
OCEANVIEW, CA--(Marketwired - Jan 14, 2014) - Citadel EFT, Inc. (OTCQB: CDFT) announces that the Company has received written notice and a recent bank statement for $5,000,000.00 (Five Million USD) deposited on their behalf. These funds have been posted to provide a "Standby Letter of Credit" (SBLC) provider with proof of available funds.

A $200,000,000.00 (Two Hundred Million USD) SBLC will be issued by a top 25 Global Bank, transferred and monetized by active 3rd party credit facility located here in the United States with a top 5 US Bank. Post release of funds from the credit facility, Citadel will receive the $5,000,000.00 (Five Million USD) currently posted in the escrow account and an additional $24,000,000.00 (Twenty Four Million USD) from the credit facility. The balance of funds from the credit facility will be disclosed in forthcoming 8k announcements.

A company spokesman stated, "We are extremely pleased with this transaction as it will give us additional investment opportunities that shall ultimately assist Citadel in debt free purchases of targeted acquisitions and expansion in the financial sector."

About Citadel EFT, Inc:

Citadel EFT, Inc. citadelbankcard.com has been helping companies for over 19 years establish a merchant account for credit card processing. Citadel has no monthly fee and no minimums for our credit card service. As a merchant of ours, you can process credit cards like Visa, Mastercard, Discover, American Express, EBT, Checks and ATM Cards, Citadel ships your credit card machine, free of charge.

FORWARD LOOKING STATEMENT

CDFT cautions that statements made in the press release constitute forward-looking statements, and not guarantees of future performance, and the 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
CEO
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