Citadel EFT, Inc. (CDFT) to Acquire Solivita Inversiones S.R.L (S.I.), as a Wholly Owned Subsidiary; Updates Dominican Villa ...
02 Agosto 2013 - 8:15AM
Marketwired
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.
FORWARD-LOOKING STATEMENT
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.
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Contact: Gary DeRoos 714-423-0701
http://www.credit-card-processing.com
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