ARDEN, NC, Oct 25, 2010 (MARKETWIRE via COMTEX) -- WatchIt Technologies Inc. (pinksheets:WTCT) announced today that its Board of Directors has agreed to fund the additional research and development of non-gasoline (diesel, etc.) versions of the "fuel reformer." According to a company spokesperson, the company has received serious inquiries from an international corporation to provide them with a prototype version of a diesel fuel reformer that could be used with a variety of non-gas vehicles.
"A diesel version of the fuel reformer has always been in our development strategies, but with this new inquiry, we felt that it was in the company's best interest to accelerate our plans," stated Brian Riley, President and CEO of WatchIt Technologies Inc. "The board was very clear that the potential market for a diesel version of the fuel reformer could have a world-wide, multi-industry impact. The board of directors felt that an investment into this area would potentially yield a tremendous return on investment for the company and its shareholders."
"The over the road trucking industry is only one of several markets that could benefit from the development of the diesel version of the fuel reformer," Brian Riley added. "Obviously, RVs, agriculture, and the maritime industries, to name a few, would have substantial interests in our device."
According to Rob Ryon, CEO of Air Pure Systems Development, "The potential savings for an average over-the-road truck in the U.S. are quite significant. Using the results from a previous EPA certified Lab test on the gasoline version, and applying them to the diesel version, an over the road truck traveling 150,000 miles per year could expect to potentially save almost $15,000.00 per year. This assumes $3.00 per gallon and only 6mpg in fuel usage. If that figure can be achieved, it significantly reduces the cost of transportation of goods, increases the bottom line for the trucking industry, and reduces our dependence on foreign oil."
WatchIt Technologies is actively seeking companies having 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.
About WatchIt Technologies Inc.:
WatchIt Technologies is an alternative "incubator" for developing and emerging "Green Technology" corporations. Its focus is on strategies that are structured to mitigate risk and produce returns in all market environments. Its current investment/development strategy is focused on direct investments in small/micro-cap public companies that have emerging growth and development and are exclusively involved in some aspect of "Green Technology."
It will offer management consultation to companies that meet its strict criteria and vetting process, and align those companies with individuals and financiers to help them achieve their financial goals and objectives.
Safe Harbor Act: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE: WatchIt Technologies Inc.