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Seaway Valley Capital Corporation (OTCBB: SWVC - http://finance.yahoo.com/q?s=SWVC.ob)

September 18th, 2007-- Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC | charts | news | PowerRating) 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").

As previously communicated, Seaway Valley Capital Corporation ("Seaway") is expecting to merge 100% of WiseBuys Stores, Inc. into Seaway shortly. The recent modifications in the merger structure have necessitated an amendment to WiseBuys' certificate of designation with the State of Delaware as well as a shareholder vote at WiseBuys, which has taken some additional and unexpected time. It should be noted that 81% of the WiseBuys shareholders previously agreed to the transaction when it was structured as a simple acquisition, and that 70% have already expressed their support of the revised merger structure because of its favorable tax treatment. We anticipate finalization these amendments and an affirmative shareholder vote at WiseBuys this month. Immediately thereafter, we will close the merger and trigger the release of the audited financials in the 8K. WiseBuys and its partners generated store-wide sales and trading revenues of approximately $12.5 million in 2006, and WiseBuys alone generated "Comprehensive Income" in 2006 of just under $1,000,000. In 2006, WiseBuys and its partners together generated sales per square foot of approximately $53 per foot on WiseBuys' 190,000 square feet of sales floor.

In addition, WiseBuys is pleased to announce that it has received a commitment for sufficient financing to close WiseBuys' pending acquisition of Hacketts. This financing will not involve the issuance of new debt or equity, but rather the sale of certain of WiseBuys' non-strategic assets. Hacketts' reviewed financial statements disclosed 2006 sales and earnings of $13.1 million and $141,000, respectively. These full year results include only about 45 days of operations in its newest store located in Watertown, NY, which opened in November of 2006. Hacketts' sales per square foot average over $100 per foot on its 144,000 square feet of sales floor space. After completing the acquisition, WiseBuys intends to convert its stores to the "Hacketts" brand so that all 334,000 square feet of selling space is consistently merchandised and operated. Our intention is to close the Hacketts acquisition on or before November 30, 2007 and to invest aggressively in the growth of the Hacketts brand throughout the region.

Finally, many of you have asked whether or not Seaway will exclusively focus on supporting the growth and development of its retail investments during 2007 and 2008 - know that Seaway is currently evaluating additional investments and acquisitions in a diverse array of sectors. Our plan is to complete at least one substantial non-retail investment prior to year end.

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.