ALEXANDRIA, Va., Dec. 15, 2010 /PRNewswire/ -- Seawright Holdings, Inc. (OTC: SWRI) today announced that it is in the process of completing its past due filings and intends to be a fully compliant reporting company within the next 30 days.
Seawright Holdings owns Seawright Springs, a natural spring flowing some of America's purest drinking water, located in the Shenandoah Valley of Virginia on 144 acres of protected woodlands. The spring produces in excess of one million gallons of water a day and is one of the largest sources of natural spring water on the Eastern seaboard.
"These large water reserves are strategically located within a one-day drive to all the major cities on the East Coast. We could become a major supplier of high quality potable water to any of these major markets. The price of raw water is expected to rise exponentially in the next few years and we are pleased to own one of the very few untouched, premier sites not only on the east coast but in the United States. Being located 140 miles west of the White House in Washington, D.C. makes the 400M gallons of water our site produces extremely valuable due to its close proximity to such a large population base," said Joel Sens, President and CEO.
Seawright Springs produces in excess of 400 million gallons of water annually. Water was first bottled and sold from this unique natural spring in 1890 and was marketed throughout the U.S. Prior to that it was used by Native Americans, who vouched for its healing qualities, and by the early explorers and settlers in Virginia.
Seawright Holdings has also commenced a plan to rationalize its debt structure by converting various loans into common stock. In November 2010, Seawright converted two notes totaling $616,400 of indebtedness into an aggregate 1,541,000 shares of common stock at a conversion price of $0.40 per share. Of the shares issued on conversion of the debt, 750,000 shares were issued by the company and the remaining 791,000 were transferred to the noteholder by the company's chairman and chief executive officer. Seawright plans to convert additional loans into common stock in the near future, provided it can do so on terms that fairly reflect the value of the company and its assets.
Seawright Holdings, Inc. currently has 14.4 million shares outstanding. "We look forward to a renewed interest in our Company, and its stock, with a return to the OTC BB and with our aggressive marketing efforts to sell our water," Mr. Sens said.
SOURCE Seawright Holdings, Inc.