September 23, 2008
Seaway Valley Capital Corporation Announces New Stock Symbol, SWYV
Seaway Valley Capital Corporation (formerly OTCBB: SWVC), a diversified holding company, announced that effective September 22nd completed its one-for-five reverse stock split and that its stock now trades under the symbol (OTCBB: SWYV).
Thomas Scozzafava, Chief Executive Officer of Seaway Valley, stated, "Much has happened since July 2007, including the acquisition of WiseBuys Stores, Inc. and then Patrick Hackett Hardware Company, quickly followed up with the acquisitions of Sackets Harbor Brewing Company, Seaway Restaurant Group, and Alteri Bakery, Inc. And although Seaway Valley successfully acquired assets totaling over $32 million and has current projected pro forma annualized revenues of $36 - $40 million, management feels this new capital structure and new stock symbol mark a new time for Seaway Valley."Mr. Scozzafava continued, "Having experienced such rapid growth, management will now intensify its efforts to create shareholder value by improving operations at its current holdings, and that requires certain changes. The Board and management believe the reverse stock split was in the best interest of the Company and its shareholders on a long-term basis. Having undergone this strong growth, we believe this will enhance the Company's flexibility with regard to matters that may be identified from time to time such as financing, employee compensation, potential acquisitions, strategic business relationships, and the further expansion of our operating subsidiaries."
The Company encourages the public to read the above information in conjunction with its year-end statement, Form 10-KSB for December 31, 2007, and the first Quarter Form 10-Q financial statement ended March 31, 2008. The financial statements can be viewed with the Securities and Exchange Commission, at www.sec.gov.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) 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, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio consists of the following platform companies:
- Patrick Hackett Hardware Company ("Hackett's") (www.hackettsonline.com) is one of the nation's oldest retailers with roots dating back to 1830. Hackett's is a full line department store specializing in premium name brand merchandise and full service hardware. Hackett's, now with ten locations, features brand name clothing for men, women, and children, and a large selection of brand name athletic, casual, and work footwear. Hackett's also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hackett's full service True Value hardware department features traditional hardware, tool, plumbing, paint and electrical departments. Hackett's also owns and operates RadioShack stores and at certain stores leases space to Payless ShoeSource.
- Sackets Harbor Brewing Company ("SHBC") (www.1812ale.com/beer.html) develops, produces, and markets premium craft beers such as its award winning "War of 1812 Amber Ale" and "Railroad Red Ale" as well as "Thousand Island Pale Ale", "War of 1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the 1998 World Beer Championship and has been aggressively marketed to command a significant retail presence in the regional market place. The company has also developed complementary products such Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
- Alteri Bakery, Inc. (www.alteribakery.com) has serviced the North Country region with quality baked goods since 1971. Alteri's is one of the last traditional Italian bakeries in the region and brings four generations of baking experience and over 80 years of serving northern N.Y. with the finest "true" Italian breads and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets. Alteri's products can be found at local restaurants, grocery stores, schools, and its own store.
- Seaway Restaurant Group ("SRG") is comprised of a dynamic and developing roster of upscale casual- and fine-dining restaurants, including Good Fello's Brick Oven Pizza and Wine Bar, the Sackets Harbor Brew Pub, and the 1812 Stationhouse. Each of the SRG restaurants is unique and memorable, which allows our guests to visit any among them multiple nights during the week to discover something new and exciting upon each visit. The common thread uniting all SRG restaurants is an emphasis on excellent food, superior service, and genuine value. SRG has been fortunate to receive acknowledgements for its restaurants from both customers and within the industry.
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.