1812 Brewing Company Inc (KEGS)

[AMERICAN_PSYCHO]

It's all below in bold and the information appears to have come from Tom himself....

Posted by: ezxccsc Date: Tuesday, June 03, 2008 5:53:18 PM
In reply to: None Post # of 179848

Well I got a reponse from IR so hopefully I will be able to continue my dialogue with them later.

Because I am not a flipper or shorter I will post the reply and not keep it for myself. Many of you are aware that currently I am not happy with the SP and quietness around our management.

This isd astart with communication and nothing in it is insider info or such so have at. I am not putting this out to create an argument with anyone either as I am concerned mostly with my investment sum in this corp. And yes I still have many questions to ask them just need to find the time to draft another e-mail. Good luck to the longs.

Mr. XXXXXXXXXX,

Seaway Capital, Inc. acquired the public company, GSCR, for the assumption of debt of around $1.8 million, but WiseBuys received cash of $1.5 million in return. (It was this cash that allowed it to acquire Hackett's.) The net "cost" of the fully the reporting public company, GSCR, was $1.8mm less $1.5mm or about $300k, which is about $400k below market for such fully reporting public companies. If you are not aware, the going rate for such companies was about $700-$800k at the time of the transaction. Management has no idea where a figure of $24 million is coming from. Perhaps you can elaborate on this calculation.

The CEO receives a salary of $125k per year, plus the opportunity of bonuses. Mr. Scozzafava's salary reported in the 2007 10K was the sum of $10k in cash and a repayment of a loan of $250k, which was booked as "salary." Furthermore, the $250,000 repayment by WiseBuys of the personal loans of Mr. Scozzafava was transacted by WiseBuys in JANUARY of 2007 .... around ten months prior to WiseBuys being merged into the public company, Seaway Valley Capital Corporation. This loan would have been repaid regardless of whether or not WiseBuys ended up going public. There is no way this repayment by WiseBuys of loans from Mr. Scozzafava could be construed as "Seaway shareholder money" since it was repaid ten months before there were any "shareholders".

Mr. Scozzafava has personally invested into Seaway and WiseBuys over $3 million of his money and his family has contributed an additional $1 million of their money. Other than the above mentioned $250k, neither he nor his family have, to date, received any of those proceeds back.
None.

Sincerely,
Seaway Valley Capital Corporation