WatchIt Technologies Retires 90 Million Common Shares and Targets OTC Bulletin Board Listing in Q1 2008
Nov. 29 /PRNewswire-FirstCall/ -- WatchIt Technologies, Inc. announced today it has completed the retirement of 90,284,000 common shares, thus reducing its total outstanding common shares to less than 115 Million shares. Of the total outstanding common shares, fewer than 25% remain free trading with the balance being restricted under Rule 144. This is an essential step toward the Company's return to listing on the Over-the- Counter Bulletin Board.
"The year-end audit has commenced and we anticipate its completion by mid- December. This is the final step required for WatchIt to begin its 211 filing to resume trading on the OTC Bulletin Board. That milestone is expected to take place in the first quarter of next year," stated Gary Musselman, chief financial officer of WatchIt.
Don Wood, president of Child Watch Network, stated, "An upgrade to the OTC Bulletin Board will create a much stronger platform for WatchIt to market both the Child Watch Network and Billboard Music Academy to corporate sponsors. Once we commence trading on the OTCBB, the Child Watch Network can utilize the commodities of a fully reporting Bulletin Board company, which provides us greater leverage than a Pink Sheet stock, to pursue a mergers and acquisition strategy. I am pleased with the interest we've received to-date to further the growth of the Child Watch Network and am very optimistic about the near-term outlook of the Company." |
