ARDEN, N.C., April 27, 2012 /PRNewswire/ -- WatchIt Technologies Inc. "http://www.watchittech.com" (Pink Sheets: WTCT) announced today that the company has completed a finance and development transaction for the Fuel Reformer Technology.
According to the company, negotiations with the new entity have taken place over the last 90 days. The finance and development package has been executed as of this week. Further specific details about the transaction will be seen when the company files its form 8K.
The Board of directors of Watchit Technologies summarized the deal as one that will insure the completion of the development of the Fuel Reformer technology, while minimizing risk to the company. One of the most important points in this transaction is that it will insure steady revenue for WTCT.
"Given that the exceptional opportunity presented by this technology to market place, the Watchit Board decided that it would best serve it's shareholders by finding a suitable partner that would efficiently accomplish the long term goals," stated Brian Riley, newly appointed President and CEO of WTCT. "The Board negotiated Dr. Max Bennett, who headed the fuel reformer development team, to be appointed as the President and CEO of the new company. This move offers an additional level of continuity to the fuel reformer development and the WTCT shareholders."
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.
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SOURCE WatchIt Technologies Inc.