Seawright Holdings Inc.

• Public
• US

Dow Jones Description

Seawright Holdings, Inc., formerly Pre-Settlement Funding Corporation (the "Company"), was incorporated on October 14, 1999 under the laws of the State of Delaware and is currently a development stage company. The name change from Pre-Settlement Funding Corporation occurred on September 26, 2003. Seawright Springs, LLC is a wholly owned subsidiary of Seawright Holdings, Inc. and holds title to the Mt. Sidney property described below. Discontinued Operations As a result of the Company's acquisition of real property and improvements in October 2003, the Company restructured its operations to focus on the development of the spring water bottling and distribution business. This restructuring included the discontinuance of financing plaintiffs who are involved in personal injury claims. Overview Business and Basis of Presentation From its inception through the date of these financial statements the Company has recognized limited revenues and has incurred significant operating expenses. Consequently, its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception through December 31, 2004, the Company has accumulated losses of $1,045,859.

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