Replies to post #153086 on 1812 Brewing Company Inc (KEGS)

[Jim Bishop]

Seaway Valley Capital Gives Update on Legacy Debt Status



GOUVERNEUR, N.Y.--(BUSINESS WIRE)----

Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC)
("Seaway Valley") announced today that it has been given notice that
all $498,074 of October 2006 convertible debentures have been
satisfied, and the majority of the remaining balance of $1,117,719 of
legacy debt has been satisfied.

In October 2006, the Company (then operating as under different
management as "GS Carbon Corporation") assumed $498,074 of convertible
debentures that were convertible into the Company's common stock at
the lesser of $0.001 per share or an amount divided by 90% of the
closing market price. These convertible debentures have been satisfied
and no remaining balance is outstanding. In addition, the Company
assumed other indebtedness of $1,117,719, of which approximately
$150,000 remains outstanding. The remaining debenture accrues interest
at 10% per annum and is convertible at the lesser of $0.015 or 85% of
the lowest closing bid price of the Company's common stock during the
10 trading days immediately preceding the conversion date.

As part of the July 1, 2007 acquisition of the controlling stake
in Seaway Valley Capital Corporation, the Company agreed to assume
certain legacy indebtedness of the Company.

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.

CEOcast, Inc.
Gary Nash, 212-732-4300
or
Seaway Valley Capital Corporation
[e-mail]
www.seawaycapital.com

Keyword: United States North America New York
Industry Keyword: Professional Services Finance

Source: Seaway Valley Capital Corporation
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