SOURCE: WatchIt Technologies Inc

November 24, 2010 09:09 ET

WatchIt Technologies Board of Directors Addresses Trading Volume

Issued/Outstanding and Public Float Remain Unchanged

ARDEN, NC--(Marketwire - November 24, 2010) - The Board of Directors of WatchIt Technologies (PINKSHEETS: WTCT) announced in a press release on November 22, 2010 that it had reduced the issued and outstanding shares of their common stock by 550 million shares. The result of the action reduced the company's common shares from 1,140,093.993 to 590,093,000 and created an unexpectedly high volume of trading over the last two days. According to the company, there have been no new shares issued, no notes converted nor any conversions of preferred stock.

The company stands by its decision to reduce the number of shares in an effort to increase shareholder value. Of the approximately 590,000,000 shares that are now in the issued and outstanding category, approximately 350,000,000 are restricted. The public float remains at approximately 250,000,000 shares.

The company reports that the unusually high volume of trading is being examined by management in an effort to insure that all precautions are being taken to protect its shareholder base. If any anomalies are found, the proper agencies will be notified. 

According to the company, the unusually high volume in trading was met with equal resistance to the downward pressure against the price per share. The price per share only decreased slightly in high trading volume, indicating to the company that their previous actions were positive. Management is pleased that the investor community has strongly supported the company as reflected by the volume of trading. The company believes that once the volume returns to more normal activity, the price per share will begin to more accurately reflect the current and future value. The overall goal of the company is to increase shareholder value and this action is just one of the steps they are taking to accomplish that task.

In an unrelated matter, the company has also announced that it can be followed on Twitter (http://twitter.com, http://twitter.com/watchittech). The company invites its shareholders, both current and potential to sign up for WatchIt Technologies' Twitter account and learn about current happenings and pertinent information on the company and other "Green Technologies."

WatchIt Technologies is actively seeking companies that have the attributes of being highly innovative and "first in" within their respective sector. Most companies partnering with WatchIt Technologies will have already completed their initial R&D and will need management consultation and financial assistance to move to the next level of success and profitability. 

About WatchIt Technologies Inc.:

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.

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