SOURCE: WatchIt Technologies Inc.

December 20, 2011 10:35 ET

Global Lock on WTCT Lifted

Normal Trading to Resume

ARDEN, NC--(Marketwire - Dec 20, 2011) - WatchIt Technologies Inc. www.watchittech.com (PINKSHEETS: WTCT) WatchIt Technologies announced today that the company has received official word from DTCC (Depository Trust & Clearing Corporation) it has lifted the "Global Lock" that was placed on the company effective November 18, 2011. Essentially, the Global lock prevented the company from regular trading activity and being able to move forward on most of its regular activities, including attracting and closing on investment dollars.

"The Director of the Office of Corporate & Regulatory Compliance from DTCC called our office and stated that their review of WatchIt Technologies did not indicate any problems with the company. Our Transfer Agency Records not being in balance with DTCC caused the initial error. Though the error was corrected over 3 weeks ago, DTCC undertook a major review of the Company's stock issuances and this Transfer Agency's administration of its responsibilities. I am pleased that DTCC found no error by the company and reaffirmed that this Agency has been properly executing its duties," stated Tom Curtis, President of Bay City Transfer Agency. "We are extremely apologetic for the time this took to resolve. I know both the agency and the Company have been very diligent in responding quickly to the questions DTCC raised."

According to the Board of Directors of WTCT, "They had postponed the signing of the finance deal with Dbar Leasing until the issues with DTCC were resolved. Now with a positive resolution in hand, we will resume the final stages of negotiations with Dbar."

The company will be publishing a letter to the Share Holders outlining in more detail the activities that have taken place over the last several weeks.

About WatchIt Technologies Inc.:

WatchIt Technologies is an "incubator" for emerging "Green Technology" corporations. Its focus is on strategies that are structured to mitigate risk and produce returns to investors.

Safe Harbor Act: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

Contact Information

  • Contact:
    Investor Relations
    1-828-483-4131

    Source: WatchIt Technologies Inc.
    Website: www.watchittech.com
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