WatchIt Technologies Signs Preliminary Agreement for Long Term Commitment of Capital
(firmenpresse) - ARDEN, NC -- (Marketwire) -- 10/13/11 -- (PINKSHEETS: WTCT) announced today that the company has signed a preliminary capital commitment agreement for up to two years with 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 , , 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 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 has delayed the final testing plan.
"Although the negotiations have taken longer than originally expected, paramount to any major finance deal is that it " stated Dr. Max L. Bennett, President and CEO of "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
About WatchIt Technologies Inc.:
is an "" for emerging "" corporations. Its focus is on and
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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Datum: 13.10.2011 - 08:26 Uhr
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News-ID 1045679
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