Last night Power-Save Corp. (OTCBB: PWSV, featured earlier here) released this press release indicating their first quarter revenue had increased 37.9 percent from $475,000 to $655,000. What the PR doesn’t say is that, according to the corresponding SEC filing, PWSV’s net income is actually down over 63 percent from $180,000 to $66,000. You’d think this fact would be worthy of mention, but I guess Mr. Forster, PWSV’s CEO and only full-time employee, didn’t feel it was necessary. The total omission of net income figures from this press release is deceptive and underhanded.

Another curious quote from the latest quarterly report is:

During the period April 1, 2008 through April 30, 2008, the Company sold an additional 1,050,962 shares of restricted common stock in a private placement with gross proceeds of $613,255.54 received by the Company.

Apparently PWSV was satisfied to issue stock at roughly 58 cents per share during a period in when their stock closed above $2.40/share. It’s also pretty sketchy that PWSV didn’t issue a press release or even file an 8-K with the SEC related to this offering, and instead just buried it in a 10-Q. Trying to fly under the radar?