Citadel EFT Inc., a fully reporting US SEC Registered Company, which offers U.S. merchants credit card terminals and online, mail order and retail credit card processing services, announces today that it has purchased a 50% stake of http://www.bugeyeparts.com for 100,000 shares of its common stock.
Bugeyeparts.com is a web site developed to assist people buying or selling used Austin Healey and MG parts and cars. There are thousands of people trying to sell or buy these classic cars and parts. The methods to advertise are limited and difficult. Ebay, Craigslist and AutoTrader have been primary choices but each comes with challenges of too many fees, spams and scams that are not only annoying but can be costly. Bugeyeparts.com has become the largest trading site for these items in the world. The customer base is growing and never-ending. Those who drive a British sports car are always going to be in the market for parts.
Bugeyeparts.com has had thousands of people visit the site looking for Austin Healey and MG specialized cars and parts; type search word, “bugeye parts” into “Google,” the company is in first position.
Gary De Roos, CEO, states, “We are very happy to have John Felts’ expertise with us to build and maintain websites like bugeyeparts.com. We are exploring self replicating sites with this model in other car industry sectors. John Felts site is like a Craigslist for Austin Healey, MG parts and cars with a very interactive community of enthusiasts. John Felts’ experience as being a pioneer in internet radio as well as building sites for KABC will only enhance our overall business model of success and growth into the future.”
New and used parts are what are found on bugeyeparts.com in addition to the popular cars for sale section. It’s free to place a classified ad and you need to become a member in order to do so. Thousands of people search through the ads monthly and members upload photos of their cars and trade technical advice.
Gary DeRoos, CEO, further states, “We believe that this recent stake in bugeyeparts.com will add to the bottom-line revenue numbers at Citadel EFT Inc. Additionally, as the Company’s CEO, I’m excited to announce another profitable fiscal year. We continue to grow our core business and customer base and we are proud to be a debt- free company.”
Bugeyeparts.com founder, John Felts, has been involved in advertising for over 25 years. In 1995 he co-founded ONRadio, a web development company that created over 650 top radio stations web sites including Dr. Laura and KABC. He went on to become Vice President of Sales with a small start up called Kerbango which was the first company to develop an Internet radio. He was instrumental in the company going public in 2000. After taking a 10 year “vacation” Mr. Felts has started bugeyeparts.com. Mr. Felts currently owns six Austin Healeys.
Citadel EFT Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
