AppSwarm Inc (SWRM)

[valuemanager]

Steve -- Sorry, that's a misinterpretation.

The recent 10-Q expresses relatively greater margins, with current margins of "new off-road buggies" unknown. Current overall margins of San West are negative (they are unprofitable and were for many years).

No word about 30% profit margins on Buggy World. Read yourself:

http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6763031

Furthermore, the 10-Q states a "reduction in sales" even for Buggy World!! This shall be counterd by higher margins (a plan, oh well).

Growth never comes from margins alone.

This still smells like pump and dump. Very much so!!