PEGX Pegasus Companies Incorporated (CE)

"As I stated in the company's previous press release dated April 8, 2013, I own approximately 297 million shares, or approximately 60% of the total outstanding shares of SWCI. I previously stated that I decided NOT to sell any of my shares, including the 24 million shares that were duly registered in an S1/A Registration Filing with the SEC. To further my commitment, I have decided to formally cancel those 24 million shares. In the next couple of days, I shall cause the proper filings to be submitted to the SEC to formally cancel those shares.

"To further update, although SW China is currently a development stage company with nominal operations and minimal assets, which makes us a 'shell' company as defined by the Exchange Act, as amended, I am absolutely committed to building this company, from the ground up, as a custom and high-end hairpiece and beauty supply importer. I am working toward that goal and the company is not dormant or seeking to do a reverse-merger with any other entity. In that light, I have reconsidered the LOI announced on April 11, 2013, of acquiring a partial interest in Absolute Protective Services, LLC. After reconsideration, I have decided there are no synergies between SW China (a hairpiece and beauty supply business) and APS (a private security company), and that the future growth and direction of SW China is not compatible with APS. This decision was made after analyzing the potential benefits and drawbacks of the acquisition, and was NOT made as a result of any breakdown or disagreements in negotiations between SW China and APS. I decided to immediately rescind the LOI before negotiations begin in earnest and save all parties the time and expense of engaging in negotiations of a deal which, after my soul-searching, I have decided are not beneficial for SW China's future as a hairpiece and beauty supply importer."

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the future anticipated direction of the beauty supply and/or hairpiece industry, plans for future expansion or acquisition, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and prospective dealings and joint venture projects. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of SW China.

Seon Won Email Contact

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