WatchIt Technologies Signs Preliminary Agreement for Long Term Commitment of Capital
October 13 2011 - 10:26AM
Marketwired
WatchIt Technologies Inc. www.watchittech.com
(PINKSHEETS: WTCT)
WatchIt Technologies
announced today that the company has signed a preliminary capital
commitment agreement for up to two years with
Dbar
Leasing, a Texas based holding company. According to the
company, the closing date will be on or about November 30, 2011.
The company will use the funds to take both the gas and diesel
version of its
patent pending fuel savings device,
the
fuel reformer, to market.
According to the company, the finance package will provide more
than adequate funding for the company to meet its goals and
objectives for the next two years. The exact details of the
contract will be filed with the SEC in an 8K once the final
documents are signed.
WTCT is actively continuing its plan to complete the testing and
evaluation of the gas and diesel versions of the fuel reformer at a Detroit area power train lab. The
company's upgrade of the current design, negotiating the terms of
the capital infusion and the recent rise in interest by a military
subcontractor for a specialized version of the diesel fuel reformer, has delayed the final testing
plan.
"Although the negotiations have taken longer than originally
expected, paramount to any major finance deal is that it mitigates dilution and increases shareholder value," stated Dr. Max L. Bennett, President and CEO of
WatchIt Technologies Inc. "Having the funding in place allows the management of
WatchIt Technologies to accelerate its business plan and bring
value to the shareholders. In addition, the company realizes that
its shareholder base has been anxiously awaiting positive news and
we believe this will be the beginning of many new and exciting
announcements. A podcast is planned for the near future, featuring
a short interview with Danny Hyde of Dbar
Leasing."
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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