VERY VERY RIPE, READY TO POP, WORTH THE TIME TO READ, GREAT FOCUS,
We are extremely pleased to be chosen to be WooEB.com's exclusive credit card processing provider for their members. WooEB currently has approximately 200,000 members. Citadel EFT's card processing averages $30 per client so this could potentially bring an additional 6 million dollars a month in new merchant account business.
Citadel EFT, Inc. (OTCQB: CDFT) which offers U.S. merchants credit card terminals and online, mail order and retail credit card processing services, announces today that it continues to attract high volume customers to its portfolio through its attractive pricing. They continue to offer $200 dollars to any merchant that can find better pricing.
Gary DeRoos, CEO HYPERLINK \l "" , Citadel EFT, said, "We have contracted with 2 new companies to continue to increase our web presence in the United States, which should equate to new sales. Search engine optimization is an important ingredient to having a successful website. We just inked a deal with a major web brand that concentrates on business owners HYPERLINK \l "" ."
The Company appointed Mr. Dennis Radcliffe to its Board of Directors.
Mr. Radcliffe was instrumental in selling HYPERLINK \l "" the "Art to Go" assets to Citadel EFT, and he brings significant business acumen for strategic acquisitions moving forward.
Mr. Radcliffe's rationale in selling the assets HYPERLINK \l "" to Citadel EFT was because the Company was debt free, had no going concern, and had taken steps to move from the Bulletin Board. The memorabilia appraisal was based on a liquidation value, as opposed to auction value; a 15% discount on the value of the assets. An appraiser lowered the value to $10,000,000 which Citadel EFT purchased using its "Series C" preferred shares HYPERLINK \l "" .
Dennis Radcliffe, Director, states, "One of my corporate goals moving forward will be to spearhead the due diligence review of new opportunities that this public company would be looking to purchase. The key now is to buy assets that have an income component attached, that we can identify and verify so as to enhance Citadel's retained earnings."
Gary DeRoos, CEO, states, "The addition of Dennis Radcliffe to the Board of Directors is part of Citadel EFT's overall objective to pursue an uplifting onto the American Stock Exchange-AMEX . To date we are debt free, don't have a going concern, and now have purchased assets that the Company can book as equity on its balance sheet. Adding a new Board member makes sense in light of the size of the transaction, and it further helps the Company to meet its obligation to expand its business interests beyond its current operations."
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 HYPERLINK \l "" 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 HYPERLINK \l "" 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 maintain 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.
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