Seaway Valley Capital Corporation Releases Update
Seaway Valley Capital Corporation (OTC Bulletin Board: SWYV) (“Seaway Valley”) (www.seawayvalleycapitalcorp.com) chairman and chief executive officer, Thomas W. Scozzafava, issued the following update to its shareholders today: Dear Shareholders: Despite the uncertainty surrounding the recent events in financial markets, the Company continues to make significant strides in the underlying businesses in its growing portfolio. The following is a brief overview of the Company’s recent business activities and certain goals for the near future.
Hackett’s - While management converts the three remaining WiseBuys stores, it continues to move forward with opportunities for new store development. Most recently Hackett’s management announced the signing of a Letter of Intent for a new 41,000 square foot store in Lake Placid, NY, and it has received a draft lease agreement for one other store in the region. If opened, each store would be projected to generate revenues of $3-$4 million per store.
Operationally, Hackett’s has initiated the exploration of meaningful merchandise procurement directly from manufacturers – both domestic and overseas. Management feels Hackett’s has reached the certain critical mass that is required to make negotiating, purchasing, consolidating and shipping – particularly from overseas suppliers – economically viable. To this end, Hackett’s has initiated and will continue to cultivate relationships with manufacturers whereby it can purchase at greater discounts that both drive profitability and higher sales.
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