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News for 'SWVC' - (Seaway Valley Capital Forms Real Estate Management Division Seaway Realty to manage Company real estate assets and look to acquire or develop other commercial real estate projects.)
GOUVERNEUR, N.Y., Mar 25, 2008 (BUSINESS WIRE) -- Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) ("Seaway Valley") announced today that it recently formed wholly owned subsidiary Seaway Realty Holdings, LLC ("Seaway Realty"). The division, which shall be managed by Seaway Valley, was formed to manage the Company's real estate assets and will also look to acquire and/or develop additional commercial real estate assets.
"Although Seaway Realty will initially focus on management of the Company's recently or soon-to-be acquired real estate assets that accompany other business acquisitions, management feels that today's environment is presenting compelling opportunities to acquire or develop third-party commercial real estate projects that should eventually result in Seaway Realty as a stand alone, profit generating division," stated Seaway Valley's CEO, Thomas Scozzafava. He continued, "We are seeing asset prices softening, and with the recent turmoil in the credit markets - particularly in those related to real estate assets - some otherwise attractive projects have become more difficult to finance with traditional private capital. Seaway Valley can approach these projects with a more diversified portfolio of financing options." Mr. Scozzafava added, "In particular, Seaway Realty will seek small- to medium-sized commercial assets that would most likely fall beneath the radar of larger real estate investment trusts ("REITs")."
As part of the Company's November 2007 acquisition of Patrick Hackett Hardware Company ("Hackett's), the Company acquired three real estate assets, which included two properties in Ogdensburg, NY and one in Canton, NY. Hackett's currently operates nine locations including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown - all in New York. Hackett's is also seeking additional locations in New York, Vermont, Massachusetts, Connecticut, and Pennsylvania.