SOURCE: WatchIt Technologies Inc.

December 21, 2011 09:15 ET

WTCT Refocuses Efforts

Normal Development Back on Track

ARDEN, NC--(Marketwire - Dec 21, 2011) - WatchIt Technologies Inc. www.watchittech.com (PINKSHEETS: WTCT) -- WatchIt Technologies announced today that now the DTCC issues have been resolved, the company has examined every area to assess the impact and determine if current scheduled dates can be met.

"We know there will be some areas more directly affected. Closing the financing deal with Dbar Leasing is the most impacted," according to the Board of Directors. "We were scheduled to close November 30, but were unable to do so. We have been in constant contact with Dbar, who remains very positive about the relationship. Many of their staff are out for holidays this week. Both sides are confident the final paperwork can be signed next week.

The WatchIt engineering team is continuing the development and preparation for testing at the selected fuel lab in Detroit in February. While there were some natural slowdowns Management is confident any lost time will be quickly made up and the original scheduled dates will be met.

WatchIt will be publishing its year-end numbers in the near future. Preliminary they will show the company profitable for the year as well as reducing corporate debt.

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.

The Board of Directors and Management appreciate our shareholder support as we went through the DTCC process. We know it is very frustrating to be put through the ringer like we were due to errors of others. We were very fortunate that we had the records and experience to answers questions immediately upon the asking.

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

    WatchIt Technologies Inc.
    Website: www.watchittech.com
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