SOURCE: WatchIt Technologies Inc

October 05, 2010 08:31 ET

WatchIt Technologies Inc. Signs Letter of Intent for the Purchase of Ecologix

WTCT to Purchase GPS Company

ARDEN, NC--(Marketwire - October 5, 2010) -  WatchIt Technologies Inc. (PINKSHEETS: WTCT) announced today that it has signed a binding letter of intent for the purchase of Ecologix. According to company officials at WatchIt Technologies Inc., the purchase will be for an undisclosed amount of a combination of stock and cash, and other considerations.

Ecologix is a GPS (Global Positioning System) hardware and software company that has customers nationwide. It specializes in custom applications of GPS software with a wide variety of customers. Its current customer base ranges from law enforcement to public utilities and other small fleets to medium sized fleets.

"The value that Ecologix brings to WatchIt Technologies is that it gives the company an opportunity to provide specialized software to monitor fuel savings, increases in MPG, and eventually documenting the decrease in tailpipe emissions," stated Brian Riley, President and CEO of WatchIt Technologies Inc. "It is a revenue producing company that has been occupying the 'green' arena for quite some time."

"In today's environment of increasing fuel savings and decreasing tail pipe emissions, having the in-house capability to demonstrate the savings and collect real time data will go a long way towards convincing government agencies and other corporate entities of the benefits of some of our other technologies," Brian Riley, President and CEO of WatchIt Technologies Inc., said.

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 take it to the next level, and to 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 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 them 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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