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Hackett's Acquires Hamilton, New York RadioShack Franchise
Monday April 21, 9:27 am ET
Company adds a third RadioShack store to its portfolio; looking to acquire additional outlets

OGDENSBURG, N.Y.--(BUSINESS WIRE)--Seaway Valley Capital Corporation (OTC Bulletin Board:SWVC - News) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hackett’s”), has acquired the franchise rights and has opened a RadioShack “store-within-a-store” for its Hackett’s in Hamilton, NY. The RadioShack store is now the third RadioShack outlet owned and operated by Hackett’s, as earlier this year it assumed the Tupper Lake and Pulaski franchises from WiseBuys.

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“We are pleased that RadioShack has again partnered with us for this new Hackett’s RadioShack location,” stated Hackett’s CEO, Norman Garrelts.” “We are particularly excited as our Hackett’s store in Hamilton, NY is strategically located near two colleges – Colgate University and Morrisville State College, and the demand for all things electronic with that demographic bodes well for us in this location,” Mr. Garrelts added. RadioShack stores within the Hackett’s operations have historically been a profitable asset for the Company, and its stores typically perform better in the context of a “store-within-a-store” versus as a traditional independent, stand alone store due to higher foot traffic levels and more flexible hours associated with a department store. Mr. Garrelts added, “Immediately after a RadioShack store ACQUISITION, we have historically seen RadioShack sales revenues increase as much 100% or more over those generated from previous owners, and we hope this is no exception.”

RadioShack offerings include wireless telephones and communication devices, such as scanners and two-way radios; flat panel televisions, residential telephones, DVD players, computers, and direct-to-home (DTH) satellite systems; home entertainment, wireless, imaging, and computer accessories; general and special purpose batteries; wire, cable, and connectivity products; and digital cameras, radio-controlled cars and other toys, satellite radios, and memory players. The company also provides consumers access to third-party services, such as wireless telephone and DTH satellite activation, satellite radio service, prepaid wireless airtime, and extended service plans. In addition, it manufactures various products, including telephony, antennas, wire, and cable products, as well as hard-to-find parts and accessories for consumer electronics products.

Hackett’s operates nine locations including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown – all in New York. Hackett’s operates RadioShack stores in Hamilton, Pulaski, and Tupper Lake. Hackett’s is also seeking additional locations in New York, Vermont, Massachusetts, Connecticut, and Pennsylvania.