Internacional (Marketwired, 02 de Agosto de 2013) Citadel EFT, Inc.'s (OTCQB: CDFT) CEO Gary DeRoos announced on March 13, 2013 that CDFT had completed the closing of Villa 613 in the Dominican Republic through the issuance of Convertible 'C' Class Preferred. Since the announcement, the remaining $72,500.00 USD has been paid directly by Solivita Inversiones S.R.L. (S.I.), a Dominican Republic Real Estate Holding Company. Therefore, the property is now completely paid, with exception of the transfer taxes which will be executed by S.I. Instead of acquiring Villa # 613 directly, Citadel EFT, Inc. has acquired the Villa indirectly, by completing the final paperwork to acquire S.I. as a wholly owned subsidiary. The acquisition creates consolidated financial statements for CDFT, and opens the door to future real estate purchases by S.I.
Gary DeRoos, CEO, Citadel EFT, states, "This acquisition is great for both sides. S.I. has a tremendous relationship with the Developers of Casa Linda, and they are going to buy more properties. They can manage the real estate holdings and the proceeds from the rental pool far better than Citadel EFT can, directly. Our Auditors, Malone Bailey LLP, will now commence the task of auditing S.I. and its holdings, so that we can consolidate the value on our financial statements."
Solivita's spokesperson states, "Becoming a wholly owned subsidiary of CDFT makes sense because the company is debt free, can support our existing efforts to increase our portfolio in the Dominican Republic, and is taking steps to become 'Exchange Listed.' We expect to purchase, full-value, more resort properties, and put them into rental pools for vacationers coming to the island for R & R. The fact that we intend to acquire these properties, without bank debt, falls in line with stated objectives of CDFT — to carry no convertible liability on their financial statements."
Management looks forward to any and all shareholder inquires regarding this press release and any clarification on previously released information.
CDFT cautions that statements made in 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.