GOUVERNEUR, N.Y., Mar 19, 2008 (BUSINESS WIRE) -- Seaway Valley Capital
Corporation (OTC Bulletin Board: SWVC) ("Seaway Valley") announced today that
Payless ShoeSource, Inc. (www.payless.com), which operates Payless stores within
the Company's wholly owned subsidiary, WiseBuys Stores, Inc., will continue to
operate its Payless "store-within-a-store" concept after the WiseBuys stores are
converted into Hackett's. Seaway Valley acquired both WiseBuys Stores, Inc. and
Patrick Hackett Hardware Company in 2007 and is merging the operations of the
two retailers under the "Hackett's" brand.
"We are pleased that Payless will continue to remain as a partner with the
Company," stated Seaway Valley's CEO, Thomas Scozzafava. He continued, "Payless
offers a wide selection of affordable footwear that WiseBuys' customers have
come to appreciate, and its continuity through stores' format change will be
well received by WiseBuys' loyal customer base." Payless is a specialty family
footwear retailer and offers athletic, casual, and dress shoes; sandals; work
and fashion boots; slippers; and accessories, such as handbags and hosiery for
women, men, and children.
Hackett's will also roll out a variety of premium branded footwear in the former
WiseBuys stores. "Hackett's has traditionally carried the widest selection of
branded premium footwear in Northern New York, and they will do so in the former
WiseBuys locations as well" stated Mr. Scozzafava. "With top brands such as
Nike, Adidas, New Balance, Columbia, Skechers, Red Wing, Doc Martens, Crocs, and
Georgia Boot, Hackett's customers will have one-stop shopping for all of their
footwear needs."
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 decor, 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.
SOURCE: Seaway Valley Capital Corporation