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SWVC News Hackett's Sees Continued Strong Sales After New Ca...
Wednesday, July 2, 2008 9:59 AM

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News for 'SWVC' - (Hackett's Sees Continued Strong Sales After New Canton Location Grand Opening After opening weekend sales trending significantly higher than when WiseBuys)


OGDENSBURG, N.Y., Jul 02, 2008 (BUSINESS WIRE) -- Seaway Valley Capital
Corporation (OTC Bulletin Board: SWVC) today is pleased to report that the grand
opening of the Canton location of wholly owned subsidiary, Hackett's
(www.hackettsonline.com), was a great success with sales continuing to remain
significantly higher since. The grand opening weekend saw over 1,400
transactions totally over $47,000 in sales. Average weekly sales since the grand
opening have been about $63,000 per week, which compares well to the average
sales of $21,000 per week that both WiseBuys and the smaller Hackett's were
doing on a combined basis prior to the transition.

Norm Garrelts, President of Hackett's, stated, "We were very excited with the
opening results of the new location, and considering that Canton usually picks
up in the fall as students return to the two colleges here, we are even more
pleased." Mr. Garrelts added, "We expect the summer sales to slow somewhat with
average weekly sales probably settling in at $50,000. After the students return,
we would expect a fairly significant jump. Either way, sales have more than
doubled what WiseBuys and the closed Hackett's were doing together, which is
about what management has been expecting after each WiseBuys transition."

The new Hackett's Canton location has a full service True Value hardware
section, men's, women's and children's apparel and footwear, home decor, gifts,
sporting goods, toys, and seasonal items. The Canton location also leases space
to Payless ShoeSource.

About Patrick Hackett Hardware Company

Hackett's, one of the nation's oldest retailers with roots dating back to 1830,
is a full line department store specializing in name brand merchandise and full
service hardware. Hackett's, now with ten locations, features brand name
clothing for men, women, and children, and a large selection of brand name
athletic, casual, and work footwear. Hackett's also carries domestics, home
decor, gifts, seasonal merchandise and sporting goods. Hackett's full service
True Value hardware department features traditional hardware, tools, plumbing,
paint and electrical departments. Hackett's also owns and operates four
RadioShack stores and at certain stores leases space to Payless ShoeSource.

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



CONTACT: Seaway Valley Capital [e-mail] Relations:CEOcast, Inc.Gary Nash, 212-732-4300




Copyright Business Wire 2008

-0-




KEYWORD: United States

North America

New York

INDUSTRY KEYWORD: Convenience Store

Department Stores

Discount/Variety

Professional Services

Banking

Consulting

Finance

Other Professional Services

Retail

Specialty

Other Retail

SUBJECT CODE: Sales

Product/Service

Source: Comtext Market News
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