SWVC (.0021) Seaway Valley in Discussions with Metro Restaurant for Possible Acquisition
Friday, June 06 2008 10:40 AM, EST
Business Wire "US Press Releases "
WATERTOWN, N.Y.--(BUSINESS WIRE)--
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) today announced that it's wholly owned subsidiary, North Country Hospitality, Inc. ("NCH"), owner of Good Fello's Brick Oven Pizza and Wine Bar, Sackets Harbor Brew Pub, The Cantina, and Sackets Harbor Brewing Company , has begun preliminary discussions with the owners and management of a restaurant in a metro area in New York State . The discussions, although preliminary, are aimed at finding opportunities to strategically expand the North Country restaurant group outside the region, and areas targeted for expansion include Albany , Syracuse , Rochester , and Buffalo . This particular restaurant, which this year expects to generate about $1.8 million in food and beverage revenues, is in one of these targeted markets.
Christopher Swartz, President of NCH, stated, "We feel that the timing is right to begin aggressively seeking opportunities to take our current concepts - or to acquire others - outside the region so that we can gain a greater overall market share by being exposed to a greater number of consumers." Mr. Swartz continued, "And although these discussions with this particular restaurant are just beginning, they represent the posture of the company."
About North Country Hospitality, Inc.
North Country (www.northcountryhospitality.com) was formed to develop or acquire and operate regional lodging, restaurant and recreational venues. North Country also 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 current holdings include: (i) Sackets Harbor Brewing Company , which develops, produces, and markets micro brewed beers such as the award winning "1812 Amber Ale" and "Railroad Red Ale" as well as "Thousand Island Pale Ale", "1812 Amber Ale Light" and "Independence Wheat" specialty beers; (ii) Sackets Harbor Brew Pub, which is an operating "Brew Pub" that produces its own line specialty beers on site while also offering fine dining; (iii) Goodfello's Brick Oven Pizza and Wine Bar, which specializes in excellent-yet-affordable Italian food; (iv) Sackets Cantina Sackets, which offers a traditional Mexican menu; (v) five Jreck Subs Franchises (www.jrecksubs.com), which serves a variety of hot and cold sandwich choices, and homemade style soups; and (vi) Alteri Bakery (www.alteribakery.com), which serves the region with the finest "true" Italian breads and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets.
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.
Source: Seaway Valley Capital Corporation
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