SWMX looks at sale, other options

SWMX announced that it had amended its loan agreement with BlueCrest Capital Finance. Both the existing three million bucks loan and a new revolver for 3.5 million come due January 31, 2008, so SWMX has breathing space for nearly four months. The online media sales operation announced that it is exploring strategic alternatives, which could be a sale of the company, a partnership or some other arrangement. In the meantime, BlueCrest has agreed to collect interest only on its loans to SWMX, although the rate has increased to 12.84% from the previous 10.84%. BlueCrest also received warrants to purchase 48.75 million shares of SWMX at six cents each, which is above the recent trading price, and its previous warrants were amended to cover 12.5 million shares, also at six cents each.

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