WatchIt Technologies Announces Nationalization of Patents Spurs Investor Commitment
Marketwire “Press Releases”
ARDEN, NC — (MARKET WIRE) — 02/09/11 — WatchIt Technologies Inc. (PINKSHEETS: WTCT) announced today that as a result of nationalizing the pending patents, the Company has received a verbal commitment for funding, with a signed term sheet to follow. The purpose of this financing is to take the Company’s revolutionary “fuel reformer” to a pre production stage without diluting the common shares of stock.
“Members of the board are actively engaged in discussions with a select group of investors who are committed to assisting the company long term and as a result are willing to invest in the preferred series of stock. By offering this series of stock, it will provide the company with the necessary capital to accomplish its goals without having a dilutive impact on the common shares,” stated Max Bennett , President and CEO of WatchIt Technologies . “Thus far the discussions have resulted in a presentation of a term sheet from one investor followed by a verbal commitment of acceptance. The investor has committed to a term sheet for a significant amount of durable non-dilutive financing. With the most recent discussions and negotiations, we are very optimistic about securing the first major investment dollars necessary to bring our breakthrough Fuel Reformer to the market.”
“The company is proceeding in a planned and deliberate process in regards to financing, patent solidification and development,” stated Bennett, President and CEO of WatchIt Technologies . “The process of bringing a new product to market requires the management team to understand and implement a multitude of steps and safeguards to insure our shareholders’ investments are secure and future customers are getting the best product available. We are committed to keeping our shareholder base informed and up to date.”