PRESS RELEASE: Seaway Valley Capital Corporation Releases Acquisition
Update
NEW YORK--(BUSINESS WIRE)--September 21, 2007--
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) chairman and
chief executive officer, Thomas W. Scozzafava, issued the following update to its
shareholders today:
Dear Shareholders:
I am pleased to update you on the progress of WiseBuys Stores, Inc.
("WiseBuys"), including its pending acquisition of Patrick Hackett Hardware
Company ("Hacketts").
We are pleased to announce that WiseBuys Stores, Inc. ("WiseBuys") has again
retained the services of Dannible & McKee, LLP to complete the audits of Patrick
Hacketts Hardware Company ("Hacketts"), which shall initiate its audits on Monday
September 24th. The May 24, 2007 acquisition agreement between WiseBuys and
Hacketts was amended in September to include the completion of the audited
financials as a contingency since WiseBuys will be 100% owned by its public
parent, Seaway Valley Capital Corporation, at the time of the WiseBuys-Hacketts
closing.
I am pleased to be able to update you on these events, and I shall continue
to update you with further developments.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation was formed in 2002 and makes equity,
equity-related, and debt investments in companies that require expansion capital
and in companies pursuing acquisition strategies. 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, and manufacturing, and Seaway will also consider select
technology investments.
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.
CONTACT: Seaway Valley Capital Corporation
contact@seawaycapital.com
www.seawaycapital.com
or
Investor Relations:
CEOcast, Inc.
Andrew Hellman, 212-732-4300
SOURCE: Seaway Valley Capital Corporation
Copyright Business Wire 2007
(END) Dow Jones Newswires
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