WatchIt Technologies Inc. Completes Acquisition of Ecologix Marketwire “Press Releases “
ARDEN, NC — (MARKET WIRE) — 10/13/10 — WatchIt Technologies Inc. (PINKSHEETS: WTCT) announced today that it has completed the pending purchase of Ecologix, a GPS hardware and software company. According to company officials, WatchIt Technologies Inc. purchased Ecologix from Green Bridge Technologies International (GRBT) for an undisclosed amount of cash collateralized by a convertible note.
Ecologix is a GPS (Global Positioning System) hardware and software company that has customers nationwide. It specializes in custom applications of GPS software with a wide variety of customers. According to WatchIt Technologies Inc. , it is considered a “green technology” because it assists fleet managers in reducing fuel consumption and at the same time aids in reducing the carbon output of the vehicles by providing data that enables the managers and drivers to reduce idle time and reduction in miles driven.
“The value that Ecologix brings to WatchIt Technologies is that it gives the company an opportunity to provide specialized software to monitor fuel savings, increases in MPG, and eventually documenting the decrease in tailpipe emissions,” stated Brian Riley , President and CEO of WatchIt Technologies Inc. “It is a revenue producing company that has been occupying the ‘green’ arena for quite some time.”
“With the goal of acquiring additional green technologies, having the in-house capability to monitor the real time savings and collect the data will not only save the company money but go a long way towards convincing government agencies and other corporate entities of the benefits of some of these technologies,” stated Brian Riley , President and CEO of WatchIt Technologies Inc.
WatchIt Technologies is actively seeking companies that have the attributes of being highly innovative and “first in” within their respective sector. Most companies partnering with WatchIt Technologies will have already completed their initial R&D and will need management consultation and financial assistance to take it to the next level, and to profitability.