Also from the 10Q(SWVC) looks like a done deal see bold:
NOTE 9 - SUBSEQUENT EVENTS
On April 1, 2008, the company advanced an additional $100,000 on the original $100,000 non interest bearing note, secured by 2,500,000 shares of common stock and 1,000 shares of preferred stock in North Country Hospitality, Inc., representing a 22% equity interest, with an option to purchase the aforementioned shares, due on December 31, 2007 and subsequently extended.
On April 12, 2008, Thomas Scozzafava exchanged 100,000 shares of Series B Preferred Stock of the Company for 100,000 shares of Series E Preferred Stock. As a result of the exchange, there were no Series B Preferred Shares issued or outstanding.
On April 17, 2008, Seaway Valley Capital Corporation executed an agreement to acquire 100% of the assets and assume 100% of the liabilities of North Country Hospitality, Inc. for the issuance of $5.25 million in Series D Preferred Stock. North Country was formed in 2005 by Christopher Swartz to develop or acquire and operate lodging, restaurant, and recreational venues in and around northern New York, which is commonly referred to as the “north country” region of New York. In addition, North Country Hospitality seeks to acquire or develop strategic consumer products that complement its core hospitality businesses and that can be positioned for growth outside the region. The company’s hospitality assets are positioned to benefit from regional tourism, which is one of the fastest growing industries in the area. And North Country’s premium consumer products are well established locally but can be further positioned for growth outside the region.
Altruism is the stuff of superheros. Mere mortals like the rest of us need not apply.
-Sangamon Kid
NOTE 9 - SUBSEQUENT EVENTS
On April 1, 2008, the company advanced an additional $100,000 on the original $100,000 non interest bearing note, secured by 2,500,000 shares of common stock and 1,000 shares of preferred stock in North Country Hospitality, Inc., representing a 22% equity interest, with an option to purchase the aforementioned shares, due on December 31, 2007 and subsequently extended.
On April 12, 2008, Thomas Scozzafava exchanged 100,000 shares of Series B Preferred Stock of the Company for 100,000 shares of Series E Preferred Stock. As a result of the exchange, there were no Series B Preferred Shares issued or outstanding.
On April 17, 2008, Seaway Valley Capital Corporation executed an agreement to acquire 100% of the assets and assume 100% of the liabilities of North Country Hospitality, Inc. for the issuance of $5.25 million in Series D Preferred Stock. North Country was formed in 2005 by Christopher Swartz to develop or acquire and operate lodging, restaurant, and recreational venues in and around northern New York, which is commonly referred to as the “north country” region of New York. In addition, North Country Hospitality seeks to acquire or develop strategic consumer products that complement its core hospitality businesses and that can be positioned for growth outside the region. The company’s hospitality assets are positioned to benefit from regional tourism, which is one of the fastest growing industries in the area. And North Country’s premium consumer products are well established locally but can be further positioned for growth outside the region.
Altruism is the stuff of superheros. Mere mortals like the rest of us need not apply.
-Sangamon Kid
Dilution knows no bottom, greed knows no top.
-Crashman
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