Seaway Valley Capital Gives Update on Legacy Debt Status
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) (“Seaway Valley”) announced today that it has been given notice that all $498,074 of October 2006 convertible debentures have been satisfied, and the majority of the remaining balance of $1,117,719 of legacy debt has been satisfied.
In October 2006, the Company (then operating as under different management as “GS Carbon Corporation”) assumed $498,074 of convertible debentures that were convertible into the Company's common stock at the lesser of $0.001 per share or an amount divided by 90% of the closing market price. These convertible debentures have been satisfied and no remaining balance is outstanding. In addition, the Company assumed other indebtedness of $1,117,719, of which approximately $150,000 remains outstanding. The remaining debenture accrues interest at 10% per annum and is convertible at the lesser of $0.015 or 85% of the lowest closing bid price of the Company’s common stock during the 10 trading days immediately preceding the conversion date.
As part of the July 1, 2007 acquisition of the controlling stake in Seaway Valley Capital Corporation, the Company agreed to assume certain legacy indebtedness of the Company.
About Seaway Valley Capital Corporation Seaway Valley Capital Corporation 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, media, business services, manufacturing, and select technologies.
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.
AI
Market Data 
Markets 
