Watchit Technologies, Inc.(fka WTCT)

[mecah]

NEWS

http://custom.fmg.dowjones.com/custom/tdameritrade-com/html-story.asp?guid=%7B99da6e5d-7d60-4a11-92fb-a941c86a5f07%7D

Max Bennett Taking over new company as president...New company coming I think.

ARDEN, N.C., April 27, 2012 /PRNewswire via COMTEX/ -- WatchIt Technologies Inc. "" (WTCT) announced today that the company has completed a finance and development transaction for the Fuel Reformer Technology.

According to the company, negotiations with the new entity have taken place over the last 90 days. The finance and development package has been executed as of this week. Further specific details about the transaction will be seen when the company files its form 8K.

The Board of directors of Watchit Technologies summarized the deal as one that will insure the completion of the development of the Fuel Reformer technology, while minimizing risk to the company. One of the most important points in this transaction is that it will insure steady revenue for WTCT.

"Given that the exceptional opportunity presented by this technology to market place, the Watchit Board decided that it would best serve it's shareholders by finding a suitable partner that would efficiently accomplish the long term goals," stated Brian Riley, newly appointed President and CEO of WTCT. "The Board negotiated Dr. Max Bennett, who headed the fuel reformer development team, to be appointed as the President and CEO of the new company. This move offers an additional level of continuity to the fuel reformer development and the WTCT shareholders."