ARDEN, N.C., May 18, 2011 (GLOBE NEWSWIRE) -- WatchIt Technologies (Pink Sheets:WTCT), an incubator company engaged in cutting-edge green technology products, is working to develop ''fuel reformer'' as a near-term solution to reap several benefits for users and the environment. The device, with its patent-pending technology, alters the molecular structure of petroleum-based fuels immediately before injection into an engine. Once altered, the fuel burns far more efficiently, increasing gas mileage and engine wear. Recent testing in December of 2010 showed a whopping 40 percent increase in highway fuel mileage while reducing some of the deadly tailpipe emissions by 60 percent. While WatchIt Technologies has only tested the technology on gasoline (combustion) engines, the Company contests that it is also applicable with diesel-powered (compression) engines as well, and can be expanded for uses such as oil furnaces, making the device suitable for a wide array of applications.
It is important to note that not only does the product shed toxic emissions from a vehicle, it is environmentally-friendly through increased gas mileage. While it may only seem as a benefit to the owner's pocketbook, on a much larger scale, it reduces our demand on oil. With world oil consumption topping 86 million barrels per day in 2010 and anticipated to top 90 billion barrels per day in 2012, all efforts to curb the exponential consumption rate are critical.
WatchIt is nearing production of the proprietary device as the next round of testing has been scheduled to take place in Motor City, USA. A Detroit-based power train test laboratory will be performing a wide array of testing, analysis and data collection on three separate fuel reformers using the same engine. The basic plan is to establish baseline performance on a specific profile without the fuel reformer installed and then repeat the same profile with each of the three fuel reformers and compare the data.
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While fundamental traders are digging into the nuts and bolts of the Company as a valuation of growth potential in a burgeoning industry, technical traders are noticing that WTCT is holding a support level at $0.0005 firmly intact for more than a year. Traders of the sub-pennies lean heavily towards these sort of plays even though they carry a much higher risk level because a piece of news or an unexpected buying surge can reap quick and hefty profits. For instance, the last touch of this area was followed by a 13-day climb to $0.008, a bottom-to-top move of 1,500 percent. While not typical, it explains the allure of small-capitalization, developmental stocks for investors with a strong threshold for risk/reward.
The development of fuel reforming technologies is complex and certainly challenging, to say the least, which helps limit competition for WatchIt as a specialized component of their portfolio. As a junior running in the world of majors striving to develop the same type of technologies, WatchIt has set itself apart from the majority of its exchange peers. The Company's recent SEC filings show a swing in income from the red to the black on both a quarterly and yearly level as compared to 2010, an impressive feat in and amongst itself and showcase of the management's concerted efforts to attract investors. As the testing commences in Detroit and word continues to hit the investment community about this little company looking to make a larger impact on a billion-dollar industry, volume just may continue to escalate as it did with yesterday's news of substantially better financials.
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.