Swingplane Ventures, Inc. (OTC:SWVI) Finally Files 8-K
Last Friday, Swingplane Ventures, Inc. (OTC:SWVI) said it would file the promised Super 8-K in connection with the acquisition of Mid Americas Corp. They missed the date, but the filing is in today.
For those that forgot, SWVI had previously said the acquisition would be closed on or before Jan. 31. That didn’t happen. Then the company changed the expected date to Feb. 15. Nothing happened then, either.
While SWVI filed the 8-K today, the ability of the management to organize its time is in question. Additionally, the contents of the filing are not stellar. Here is what Mid Americas Corp Brings to the table:
- $0 cash
- $2,850 in liabilities
- $0 in revenues
No surprises there, and here is what SWVI will have to pay in order to fully earn the 75% option:
- pay $750,000 on or before June 30, 2013
- pay $750,000 on or before June 30, 2014
- pay $5,000,000 from net proceeds from production
- place $10,000,000 in trust by April 1, 2013
- expend $10,000,000 in three years
Speaking of the pump, it’s still raging on. It’s been carried out through the newsletters operated by Degroupa Tenner Morales Media Corp. The pumpers still talk about the potential of SWVI and “multi-dollar levels in the coming weeks.”
We are doing our best to keep our readers aware of what the reality is. The management of the company may want to try typing “swingplane ventures pump” in google. That would allow them to read quite a lot about the “investor relations activity” they claim they are unaware of. Despite all the red flags, the 8-K filing can theoretically cause SWVI to go up, in the short term at least.