ARDEN, NC, Dec 21, 2011 (MARKETWIRE via COMTEX) -- WatchIt Technologies Inc. http://www.watchittech.com (pinksheets:WTCT) -- WatchIt Technologies announced today that now the DTCC issues have been resolved, the company has examined every area to assess the impact and determine if current scheduled dates can be met.
"We know there will be some areas more directly affected. Closing the financing deal with Dbar Leasing is the most impacted," according to the Board of Directors. "We were scheduled to close November 30, but were unable to do so. We have been in constant contact with Dbar, who remains very positive about the relationship. Many of their staff are out for holidays this week. Both sides are confident the final paperwork can be signed next week.
The WatchIt engineering team is continuing the development and preparation for testing at the selected fuel lab in Detroit in February. While there were some natural slowdowns Management is confident any lost time will be quickly made up and the original scheduled dates will be met.
WatchIt will be publishing its year-end numbers in the near future. Preliminary they will show the company profitable for the year as well as reducing corporate debt.
The company will be publishing a letter to the Share Holders outlining in more detail the activities that have taken place over the last several weeks.
The Board of Directors and Management appreciate our shareholder support as we went through the DTCC process. We know it is very frustrating to be put through the ringer like we were due to errors of others. We were very fortunate that we had the records and experience to answers questions immediately upon the asking.