SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PUSEY GREGORY

(Last)

(First)

(Middle)

106 S. UNIVERSITY BOULEVARD

#14

(Street)

DENVER

80209

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Security With Advanced Technology, Inc. [ SWAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Secretary

3. Date of Earliest Transaction (Month/Day/Year)
12/28/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								10,435⁽¹⁾⁽²⁾	I	By Cambridge Holdings Ltd⁽³⁾
Common Stock	05/03/2007		M		17,500⁽¹⁾⁽¹⁴⁾	A	$0⁽¹⁸⁾	155,488⁽¹⁾⁽⁵⁾	I	By spouse
Common Stock	05/03/2007		M		14,000	A	$0⁽¹⁸⁾	426,314⁽⁴⁾⁽⁸⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (Right to Buy)	$4.93							05/05/2007⁽⁶⁾	05/04/2016	Common Stock	20,000		20,000	D
Option (Right to Buy)	$3.5							10/29/2005⁽⁶⁾	10/28/2014	Common Stock	54,348		54,348	D
Option (Right to Buy)	$3.5							03/02/2005⁽⁶⁾	03/01/2015	Common Stock	21,739		21,739	D
Warrant (Right to Buy)	$5.15							08/25/2005	06/23/2007	Common Stock	2,431		2,431	D
Warrant (Right to Buy)	$9							08/25/2005	07/18/2010	Common Stock	1,000⁽⁷⁾		1,000	D
Warrant (Right to Buy)	$9							08/25/2005	07/18/2010	Common Stock	5,000⁽¹⁾		5,000	I	By Cambridge Holdings Ltd⁽³⁾
Warrant (Right to Buy)	$4.75							04/01/2007	10/01/2010	Common Stock	14,000		14,000	D
Warrant (Right to Buy)	$4.75							04/01/2007	04/01/2008	Common Stock	14,000		14,000	D
Warrant (Right to Buy)	$9							04/01/2007	07/18/2010	Common Stock	14,000		14,000	D
Warrant (Right to Buy)	$4.75							04/01/2007	10/01/2010	Common Stock	17,500⁽¹⁾⁽¹³⁾		17,500⁽¹⁾⁽¹³⁾	I	By spouse
Warrant (Right to Buy)	$4.75							04/01/2007	04/01/2008	Common Stock	17,500⁽¹⁾⁽¹³⁾		17,500⁽¹⁾⁽¹³⁾	I	By spouse
Warrant (Right to Buy)	$9							04/01/2007	07/18/2010	Common Stock	17,500⁽¹⁾⁽¹³⁾		17,500⁽¹⁾⁽¹³⁾	I	By spouse
Convertible Promissory Note	$3.5⁽⁹⁾	12/28/2006		M			$49,000	12/15/2006	01/31/2007⁽¹⁰⁾	Series A Convertible Preferred Stock	14,000	$49,000	$0	D
Series A Convertible Preferred Stock	$0⁽¹⁵⁾	12/28/2006		M		14,000		12/28/2006	⁽¹⁶⁾	Common Stock	14,000	$0⁽¹⁷⁾	14,000	D
Series A Convertible Preferred Stock	$0⁽¹⁵⁾	05/03/2006		M			14,000	12/28/2006	⁽¹⁶⁾	Common Stock	14,000	$0⁽¹⁷⁾	0	D
Convertible Promissory Note	$3.5⁽⁹⁾	12/28/2006		M			$61,250⁽¹⁾⁽¹¹⁾	12/15/2006	01/31/2007⁽¹⁰⁾	Series A Convertible Preferred Stock	17,500⁽¹⁾⁽⁹⁾⁽¹²⁾	$61,250⁽¹¹⁾	$0	I	By spouse
Series A Convertible Preferred Stock	$0⁽¹⁵⁾	12/28/2006		M		17,500⁽¹⁾⁽¹⁴⁾		12/28/2006	⁽¹⁶⁾	Common Stock	17,500⁽¹⁾⁽¹²⁾	$0⁽¹⁷⁾	17,500⁽¹⁾⁽¹⁴⁾	I	By spouse
Series A Convertible Preferred Stock	$0⁽¹⁵⁾	05/03/2007		M			17,500⁽¹⁾⁽¹⁴⁾	12/28/2006	⁽¹⁶⁾	Common Stock	17,500⁽¹⁾⁽¹²⁾	$0	0	I	By spouse

Explanation of Responses:

1. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

2. Includes 5,000 shares of common stock issuable upon exercise of warrants, whether or not presently exercisable.

3. Reporting Person is President, director and principal shareholder of Cambridge Holdings Ltd.

4. Includes (1) 1,000 shares of common stock issuable upon exercise of warrants, whether or not presently exercisable, held by Gregory Pusey IRA, (2) 96,087 shares of common stock underlying options to purchase common stock, whether or not presently exercisable, and (3) 44,431 shares of common stock issuable upon exercise of warrants, whether or not presently exercisable.

5. Includes (1) 25,760 shares held by Reporting Person's spouse as custodian for child, (2) 8,760 shares of common stock held by Jill Pusey, IRA, the investment retirement account of the Reporting Person's spouse, (3) 42,000 shares of common stock issuable upon exercise of warrants, whether or not presently exercisable, and (4) 10,500 shares of common stock issuable upon exercise of warrants, whether or not presently exercisable, held by Reporting Person's spouse as custodian for child.

6. Option vests annually in three equal annual installments, beginning on this date.

7. Option held by Gregory Pusey IRA.

8. Includes 12,575 shares of common stock held by Gregory Pusey IRA.

9. The Convertible Promissory Note is convertible into shares of the Issuer's Series A Convertible Preferred Stock at $3.50 per share upon shareholder approval of such conversion. Each share of the Issuer's Series A Convertible Preferred Stock is convertible into one share of the Issuer's Common Stock for no further consideration.

10. Maturity Date.

11. Includes $12,250 held by Reporting Person's spouse as custodian for the Reporting Person's child.

12. Includes 3,500 shares issuable to Reporting Person's spouse as custodian for the Reporting Person's child.

13. Includes 3,500 warrants to purchase 3,500 shares of the Issuer's common stock held by Reporting Person's spouse as custodian for the Reporting Person's child.

14. Includes 3,500 shares held by the Reporting Person's spouse as custodian for the Reporting Person's child.

15. Convertible for no further consideration.

16. No expiration date.

17. Issued upon conversion of Convertible Promissory Note reported elsewhere on this Form 4.

18. Issued upon conversion of Series A Convertible Preferred Stock reported elsewhere on this Form 4.

	/s/ Jill Pusey as attorney-in-fact	05/11/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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