Why would the Wellsfargo deal be completed in 2007?
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February 22, 2008 - 8:12 AM EST
Hackett's Closes $5 Million Financing Agreement
Funds to be Used for Store Conversions and Expansion
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hackett’s”), yesterday closed on its previously announced five million dollar inventory-based line of credit from Wells Fargo Bank, NA. The funding, which is being made through Wells Fargo’s Business Credit operating division, is expected to fund Monday or Tuesday of next week.
“We are pleased to have closed on this $5 million financing from Wells Fargo,” stated Hackett’s CEO, Norman Garrelts. Hackett’s, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the “Hackett’s” brand. “With this line of credit arrangement,” added Mr. Garrelts, “Hackett’s will have sufficient resources to initiate the repayment of certain debts, transition the existing WiseBuys stores to Hackett’s stores, and begin the exploration of possible new locations. We look forward to the funding next week and to a long, mutually beneficial relationship with Wells Fargo.”
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