OCEANSIDE, Calif., March 10, 2014 (GLOBE NEWSWIRE) -- Citadel EFT, Inc. (OTCQB:CDFT) received written confirmation from the owner of the three billion ($3,000,000,000 USD -- equivalent) LTN Brazilian Bonds for the irrevocable use of them for the benefit of Citadel EFT, Inc. It is anticipated that these Bonds are to be swift into Citadel EFT, Inc.'s bank account.
CDFT, also, on Friday, March 7, 2014, received written notice of the approval of a $50 Million ($50,000,000) SBLC- "Standby Letter of Credit." Citadel EFT, Inc. will use a small portion of this SBLC to pay for the transfer of the 3 billion ($3,000,000,000 USD -- equivalent) swift transfer fee of the LTN Brazilian Bonds.
Gary DeRoos, CEO, stated, "We are pleased with the events that took place Friday. We are now in a position to start our goal of proceeding into the banking arena, as well as, closing the negotiations that are ongoing with becoming a majority shareholder with a Bank in India. We are also in negotiation with large 'Independent Sales Organizations' of credit card processing to purchase their portfolios. This will allow us to have immediate large-cash flow into the Company."
Management reports that a US SEC EDGAR FORM 8-K will be forthcoming regarding these aforementioned events.
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.
Gary DeRoos 714-423-0701 www.credit-card-processing.com
Citadel EFT, Inc.
Oceanside, California, UNITED STATES