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WiseBuys Completes Hacketts Acquisition
32 minutes ago - BusinessWire

Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) ("Seaway Valley") announced today that its wholly owned subsidiary, WiseBuys Stores, Inc., on Wednesday completed its acquisition of Patrick Hackett Hardware Company. The transaction was finalized at Hacketts' headquarters in Ogdensburg, NY on Wednesday afternoon by executives and representatives from both companies.

"We are pleased to finally bring these two companies together so that we may begin realizing the benefits of this combination," stated WiseBuys' co-founder and CFO, Thomas Scozzafava. Although WiseBuys Stores, Inc., which was formed in 2003, is acquiring Hacketts, all of the stores will be run under the "Hacketts" brand. The conversion of the WiseBuys stores will begin shortly but will take a number of months to complete in entirety. Scozzafava added, "WiseBuys management team is thrilled to have become involved in this next and exciting chapter of Hacketts story. The Hackett family has built, over many years, an amazing reputation for quality and service, and these nine stores will create a tremendous platform to build upon and introduce to new markets."

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.

WiseBuys Stores, Inc. was formed and began operations in 2003 as a direct result of the closing of small-town retailer, Ames Department Stores. WiseBuys initially focused its efforts on serving the "discount" retail needs of rural communities throughout northern and central New York. In addition to Mr. Scozzafava, the founders included New York State Assemblywoman (minority whip) Dierdre Scozzafava, former BJ's Wholesale executive Joseph LaChausse, and former Ames Department Store Chairman and CEO Joseph R. Ettore.

The acquisition called for a $1.5 million payment at closing and additional payments of $4.5 million to be made over eight years to former shareholders of Hacketts. The agreement also allows for Hackett family members to retain their management positions, as well as Norman V. Garrelts, president and chief executive officer of Hacketts. The store conversions will take place over the next year, along with looking at expansion opportunities within New York.

Norman V. Garrelts, who joined Hackett's in 1995 as president and CEO, is president and CEO of the combined company. In 1975, Hackett's reached $1 million in sales for the first time; in 1995 their sales were $5.2 million, and by the end of this year they anticipate their 2007 sales will exceed $16 million, according to Garrelts.

Additional news coverage on the acquisition is available online at www.wisebuysstores.com/news.php

About Patrick Hackett Hardware Company

Hacketts, 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. Hacketts, now with nine locations, features brand name clothing for men, women, and children, and a large selection of athletic, casual, and work footwear. Hacketts also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hacketts full service hardware department features traditional hardware, tool, plumbing, paint and electrical departments.

About Seaway Valley Capital Corporation

Seaway Valley Capital Corporation 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: Seaway Valley Capital Corporation

Investor Relations: CEOcast, Inc. Andrew Hellman, 212-732-4300 or Seaway Valley Capital Corporation [e-mail] www.seawaycapital.com