HCKI A/H NEWS from late yesterday >>>
Seaway Valley Capital Corporation Announces Sale of Majority Stake of Wisebuys, Inc. PR Newswire "Press Releases US - English"
SACKETS HARBOR, N.Y. , Jan. 24, 2011 /PRNewswire/ -- Seaway Valley Capital Corporation (Pink Sheets: SEVA) announced that it has sold its majority stake in Wisebuys, Inc. (Pink Sheets: HCKI) for the issuance of a $135,000 note. As part of the transaction Wisebuys transferred into Seaway Valley its equity stakes of retailers WiseBuys Stores, Inc. and HIIO, Inc. , and Thomas W. Scozzafava has stepped down as Chairman and President of Wisebuys, Inc.
As a result of the ultimate liquidation of Wisebuys, Inc. 's major holding, Patrick Hackett Hardware Company , and in an effort to maximize potential future equity value for both Wisebuys, Inc. and Seaway Valley, a decision was made to sell its control shares of Wisebuys, Inc. The liquidation of Patrick Hackett Hardware Company and the sale of the entity will result in the elimination of approximately $10,300,000 of debt from the books of Wisebuys, Inc. and approximately $9,000,000 of debt from the books of Seaway Valley Capital Corporation .
Further details will be released soon by new management on the new direction of Wisebuys, Inc.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE Seaway Valley Capital Corporation
