SOURCE: WatchIt Technologies Inc.

February 16, 2011 11:58 ET

WatchIt Technologies Reports First Quarter Financial Results

Company Reduces Debt by $828,000 and Increases Shareholder Equity

ARDEN, NC--(Marketwire - February 16, 2011) - WatchIt Technologies INC. (PINKSHEETS: WTCT) announced today financial results for its fiscal 2011 first quarter ending December 31, 2010. The Company reduced debt while simultaneously reducing outstanding common shares and improving stockholder equity. Debt was reduced by $828,000 and the outstanding common shares were reduced by 326,000,000. The reduction in shares and the retirement of debt was a result of restructuring the acquisition of the assets of Air Pure Systems Development. As a result of the reduction, the total shares in the public float were only 792,010,127. An increase in shareholder equity of $850,000.00 was also achieved.

"The company has been able to reduce its expenses over the same period last year by more than $62,000.00 while at the same time increasing its activities and assets," according to Max Bennett, President and CEO of WatchIt Technologies. "The majority of our resources have gone into the fuel reformer rather than corporate overhead. At this point the executives of the company are deferring salaries until such time that the company can afford to pay them."

"We had a phenomenal first quarter with the addition of Ecologix and furthering the development of the fuel reformer. We couldn't be happier with the performance of our business and by posting our first quarter numbers, we are furthering the closing process on additional investment dollars," stated Bennett. "Management has posted a narrative discussion in the financials of the last few months as well as some of what is ahead for the company in the near future."

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."

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.

Website: http://www.watchittech.com
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Contact Information

  • Contact:
    WatchIt Technologies Inc.
    Investor Relations
    1-828-483-4131