SWRI Seawright Holding Inc (CE)

Dutton Associates updates its coverage of Seawright Holdings Inc. (OTCBB:SWRI), revising its rating from Speculative Buy to Neutral. We would note that although the stock has more than doubled since our Initial Report was published on December 13, 2006 the shares remain attractively priced relative to our assessment of asset value. The 8-page report by Dutton Associates senior analyst Jonathan H. Ziegler, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and Knobias and other leading financial portals. Seawright Holdings owns Seawright Springs, located in Augusta County, Virginia, which produces in excess of 1 million gallons of water a day and is one of the largest sources of fresh natural spring water on the Eastern Seaboard. Seawright is seeking approval to ship into 50 states; however, its immediate strategy is to focus on the large population base that lives within a day�s drive of its natural spring in Virginia. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 27 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of 110 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The current cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 8 Research Reports with coverage commencing on 12/163/06. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.