ARDEN, NC--(Marketwire - January 24, 2011) - WatchIt Technologies Inc. (
WatchIt Technologies announced today that it has produced the due diligence information including a use of proceeds plan for the pending durable finance package. Based on the soon to be released test results performed at the EPA certified lab, the company has been asked by several of the potential investors to layout a detailed use of proceeds. The initial investment pro-forma outlined by the company demonstrates the need to take both the diesel and gasoline versions of the fuel reformer to a production ready status.
"As will be seen in the upcoming announcement detailing the EPA certified lab test results on Wednesday and the white paper to be released later in the week, the company is now ready to be on a fast track for continued research, development and deployment of both the gas and diesel versions of the fuel reformer," stated Dr. Max Bennett, President and CEO of WatchIt Technologies. "At the top of our list is the diesel version of the patent pending Fuel Reformer to the point that it can be tested on a variety of vehicles, fuels and applications. Obviously over the road trucking and delivery vehicles like the ones that are found in UPS, Fed-Ex and the US postal service are on our radar. In addition, agriculture, maritime and the home heating fuel markets would also be tested using the diesel version."
To illustrate the urgency and the importance of moving the diesel version ahead as quickly as it can, one only needs to recognize that the government announced new standards for trucks, buses and heavy duty pickups. According to a recent article by the Associated Press (http://www.newsvine.com/_news/2010/10/23/5343774-govt-calling-for-better-gas-mileage-for-trucks), future tractor-trailers, school buses, delivery vans, garbage trucks and heavy-duty pickup trucks must do better at the pump under first-ever fuel efficiency rules coming from the Obama administration. The Environmental Protection Agency and the Transportation Department are moving ahead with a proposal for medium- and heavy-duty trucks, beginning with those sold in the 2014 model year and into the 2018 model year. The plan is expected to seek about a 20 percent reduction in greenhouse gas emissions and fuel consumption from long-haul trucks, according to people familiar with the plan.
"As urgent as all of this is, none of it can be accomplished over night. Proper testing and safety evaluations must be done in order to bring both versions of the fuel reformer to market. As part of our planned expenditures, the company is assembling an advisory committee of 'Detroit' insiders to assist in evaluation and the proper future testing of the device," stated Dr. Max Bennett, President and CEO of WatchIt Technologies. "After examining the results from our testing, it was clear to the Board that the global applications of this device were paramount and all efforts should be devoted towards the implementation and completion of the business plan."
About WatchIt Technologies:
WatchIt Technologies is an alternative "incubator" for developing and emerging "Green Technology" corporations. Its focus is on strategies that are structured to mitigate risk and produce returns in all market environments. Its current investment/development strategy is focused on direct investments in small/micro-cap public companies that have emerging growth and development and are exclusively involved in some aspect of "Green Technology."
It will offer management consultation to companies that meet its strict criteria and vetting process, and align those companies with individuals and financiers to help them achieve their financial goals and objectives.
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
Website: http://www.watchittech.com