February 22, 2008 08:12 AM Eastern Time PermalinkTo save a permanent link to this news, right-click the dateline (Ctl-click on a Mac) to copy the link.
Hackett’s Closes $5 Million Financing Agreement
Funds to be Used for Store Conversions and Expansion
OGDENSBURG, N.Y.--(BUSINESS WIRE)--Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hackett’s”), yesterday closed on its previously announced five million dollar inventory-based line of credit from Wells Fargo Bank, NA. The funding, which is being made through Wells Fargo’s Business Credit operating division, is expected to fund Monday or Tuesday of next week.
“We are pleased to have closed on this $5 million financing from Wells Fargo,” stated Hackett’s CEO, Norman Garrelts. Hackett’s, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the “Hackett’s” brand. “With this line of credit arrangement,” added Mr. Garrelts, “Hackett’s will have sufficient resources to initiate the repayment of certain debts, transition the existing WiseBuys stores to Hackett’s stores, and begin the exploration of possible new locations. We look forward to the funding next week and to a long, mutually beneficial relationship with Wells Fargo.”
After the store conversions, Hacketts will operate nine locations including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown – all in New York. Hackett’s is also seeking additional locations in New York, Vermont, Massachusetts, Connecticut, and Pennsylvania.
About Patrick Hackett Hardware Company
Hackett’s, one of the nation’s oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hackett’s, now with nine locations, features brand name clothing for men, women, and children, and a large selection of athletic, casual, and work footwear. Hackett’s also carries domestics, home décor, gifts, seasonal merchandise and sporting goods. Hackett’s full service hardware department features traditional hardware, tool, plumbing, paint and electrical departments.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, media, business services, manufacturing, and select technologies.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contacts
Seaway Valley Capital Corporation
contact@seawaycapital.com
www.seawaycapital.com
or
Investor Relations:
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Gary Nash, 212-732-4300
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