WatchIt Technologies Board of Directors Approves Measures to Retire Outstanding Common Stock
Marketwire “Press Releases”
ARDEN, NC — (MARKET WIRE) — 11/22/10 — WatchIt Technologies Inc. (PINKSHEETS: WTCT) — The Board of Directors of WatchIt Technologies is pleased to announce that it has reduced the issued and outstanding shares of their common stock by 550 million shares. The result of the action reduces the company’s common shares from 1,140,093.993 to 590,093,000. This amounts to a greater than 48% decrease in the total number of shares issued and outstanding. Of the 590,093,000 shares that are now in the issued and outstanding category, approximately 350,000,000 are restricted leaving approximately 250,000,000 shares in the public float.
The company reports that the action was taken to increase shareholder value and begin to move the company’s price per share to more accurately reflect the current and future value. According to the company, an examination of the capital structure revealed a rare opportunity to do a reduction in common shares. The overall goal of the company is to increase shareholder value and this action is just one of the steps they are taking to accomplish that task.
In an unrelated matter, the company has also announced that it can be followed on Twitter. (http://twitter.com/watchittech) The company invites its shareholders, both current and potential to sign up for WatchIt Technologies Twitter account and learn about current happenings and pertinent information on the company and other “Green Technologies.”
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 move to the next level of success and profitability.