ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
Effective August 22, 2007, the registrant entered into an agreement to acquire all of the Membership Interest owned by the members, licensing rights, intellectual properties, and software assets of Digital Fusion Television, LLC., making Digital Fusion Television, LLC, a wholly owned subsidiary of WatchIt Technologies, Inc., in exchange for Eight Hundred Thousand (800,000) shares of Series A Preferred stock in WatchIt Technologies, Inc. These Series A Preferred shares shall be subject to restrictions under the Securities Act of 1933. The registrant's Board of Directors approved this acquisition on September 28, 2007. This agreement shall close no later than September 30, 2007, and is attached as an Exhibit.
Effective August 22, 2007, the registrant entered into an agreement to acquire all of the Common Stock owned by the Shareholders of BMA Partners, LLC, making BMA Partners, LLC, a wholly owned subsidiary of WatchIt Technologies, Inc., in exchange for Eight Hundred Thousand (800,000) shares of Series A Preferred stock in WatchIt Technologies, Inc. These Series A Preferred shares shall be subject to restrictions under the Securities Act of 1933. The registrant's Board of Directors approved this acquisition on September 28, 2007. This agreement shall close no later than September 30, 2007, and is attached as an Exhibit.
Effective September 28, 2007, the registrant entered into an agreement whereby Scenic Marketing Group, LLC. will retire $200,000. in debt in exchange for Four Hundred Thousand (400,000) shares of Series A Preferred stock in WatchIt Technologies, Inc. These Series A Preferred shares shall be subject to restrictions under the Securities Act of 1933. The registrant's Board of Directors approved this action on September 28, 2007.
ITEM 9.01 EXHIBITS
Exhibit No. Description
----------- -----------
9.1 Acquisition Agreement between Digital Fusion Television, LLC
and WatchIt Technologies, Inc.
9.2 Acquisition Agreement between BMA Partners, LLC and WatchIt
Technologies, Inc.
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