ARDEN, N.C., June 8, 2011 (GLOBE NEWSWIRE) -- WatchIt Technologies Inc. ( ) (Pink Sheets:WTCT) -- Board of Directors announced today that it has a new and innovative business model aimed at "high mileage fleets and drivers". The model initially dubbed, "Save as You Go", will be one in which the vehicle will have a "fuel reformer" installed for little or no money upfront and the vehicle owner will be billed monthly for a portion of the savings.
An integrated GPS system from Ecologix, a WatchIt Technologies subsidiary, will be used to transmit the mileage information from the fuel savings device to the company's back end software which will automatically bill the customer's credit card or draft their bank account. There are many variations of this model and it still will need a great deal of refining.
Although this business model is not for everyone, it will work in the over the road trucking industry as well as any individuals or fleet that drive high mileage. We know that the average truck drives 150,000 miles per year and gets 6 mpg. With diesel fuel at over $4.00 per gallon, the average trucker can spend over $100,000.00 per year on fuel. Using those figures, the average over the road truck spends about .67 per mile at the $4.00/ gallon price. As an example, if the fuel reformer could save them 25%, or .17 per mile WTCT would take .05 per mile of the .17 savings. Using the average miles driven of 150,000 miles, that would mean the company would bill each vehicle approximately $7,500 while saving the trucker an additional $18,000.00 per year.
A WatchIt Tech Pod cast will be released within the next 48 hours which will give more details.
About WatchIt Technologies Inc.:
WatchIt Technologies is an "incubator" for emerging "Green Technology" corporations. Its focus is on strategies that are structured to mitigate risk and produce returns to investors.
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.
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