HCKI news..........
Former Seaway Valley Capital Corporation Holding, Wisebuys, Inc., Acquires Mariano's Pizza and Changes Name to Empire Pizza Hold
Date : 01/28/2011 @ 8:00AM
Source : PR Newswire
Stock : Wisebuys (HCKI)
Quote : 0.0005 0.0 (0.00%) @ 8:08AM
Former Seaway Valley Capital Corporation Holding, Wisebuys, Inc., Acquires Mariano's Pizza and Changes Name to Empire Pizza Hold
Wisebuys (USOTC:HCKI)
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Today : Friday 28 January 2011
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Seaway Valley Capital Corporation former holding, Wisebuys, Inc. (Pink Sheets: HCKI), announced that it has acquired Watertown-based Mariano's Pizza (www.marianospizza.com) and has filed with the State of Florida to change its name to "Empire Pizza Holdings, Inc." ("Empire Pizza") and will do the same with FINRA shortly. Empire Pizza shall now focus its business strategy on opening both company-owned and franchised pizza shops and restaurants and shall also seek growth through the acquisition of existing independent pizzerias.
Empire Pizza's first acquisition, Mariano's Pizza, was founded by current President Maury Peters, who previously founded Watertown-based Crescent's Pizza, which was later sold. Mr. Peters stated, "I was the originator of one of Watertown's largest independent pizzerias, Crescent's Pizza, and Pizza is my passion. I love it and I love cooking." After selling Crescent's Pizza, Mr. Peters opened Mariano's in early 2009 in Dexter, NY, and later moved to the City Center Industrial Park in Watertown, NY.
Mariano's has plans to re-open a Dexter, NY location soon. Mr. Peters stated, "By fall, I'd like to train someone and get them on their feet so they can run their own business, and the franchise model will help those and other people who want to own their own business but maybe don't have either the capital or a background in food service."
Mr. Peters stated, "The pizza industry is a $34 billion industry with the 'big three' taking about 45% market shares. However, the remaining 55% of the industry is still highly fragmented, with independent 'mom and pops' and small regional chains representing the majority of the total pizza shops." Mr. Peters continued, "It is my opinion that as competitive pressures continue many of those shops will eventually look to align themselves or partner with a company that, while sharing the values of the best quality pizzas using the finest ingredients, allows them to benefit from the marketing efforts and the economies of scale that the franchise model offers."
Seaway Valley recently announced that it had sold its majority stake of Wisebuys, Inc. for $135,000 and restricted shares of the company.
AI
