October 31, 2007 4:06 PM ET
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WiseBuys Looks towards Hacketts Acquisition
Oct 26, 2007 09:15:01 (ET)
NEW YORK, Oct 26, 2007 (BUSINESS WIRE) -- Seaway Valley Capital Corporation (SWVC, Trade ) ("Seaway Valley") chairman and chief executive officer, Thomas W. Scozzafava, issued the following update to its shareholders today:
Dear Shareholders:
Now that Seaway Valley has successfully merged with WiseBuys Stores, Inc. ("WiseBuys"), WiseBuys management can now focus on the completion of its acquisition of Patrick Hackett Hardware Company ("Hacketts"), which is crucial to the immediate growth prospects of the company.
To this end, we are pleased to announce that WiseBuys has generated cash flows internally from the sale of non-core assets that would be sufficient to acquire Hacketts. Although there are other contingencies in the acquisition agreement, the September 18, 2007 Amendment between WiseBuys and Hacketts called for minimum payments of approximately $2.0 million to both repay certain debts and be remitted to selling shareholders at closing. WiseBuys has these funds secured, and we will work to address the other contingencies set forth in the Amendment. We hope to close the transaction by November or early December 2007.
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.
SOURCE: WiseBuys
Seaway Valley Capital Corporation
contact@seawaycapital.com
www.seawaycapital.com
AI
