looks like a Platten shell (ALRN) http://sunbiz.org/pdf/70135267.pdf Seaway to Spin out Hackett's into Publicly Traded Company 9:00a ET December 22, 2008 (Business Wire) Seaway Valley Capital Corporation (OTC Bulletin Board: SWYV) is pleased to announce that its wholly-owned subsidiary, Patrick Hackett Hardware Company ("Hackett's"), shall soon begin trading as a stand-alone entity. On December 18th, Seaway Valley agreed to acquire approximately 88% of the voting securities of Florida-based The Americas Learning Centers (ALRN.PK) and transferred its shares of Hackett's into the company. As part of the transaction Seaway Valley has filed with the State of Florida and the NASD to change the name of the newly acquired company to "Hackett's Stores, Inc." and has also filed for a reverse split.
Thomas Scozzafava, President of Seaway Valley, stated, "With its growing sales and assets we feel that bringing Hackett's out as a stand-alone entity will help both unlock the value of Hackett's to Seaway's shareholders and also make it easier for Hackett's to directly access the capital markets for growth and financial stability." Mr. Scozzafava continued, "After significant investment into Hackett's by Seaway Valley, we feel this is the right time to position Hackett's for a considerable capital raise - of which certain proceeds may be used to repay indebtedness at the Seaway Valley level. And positioning Hackett's into its own investment vehicle also gives Seaway a path forward to independent company valuation, potentially higher equity appreciation, and ultimately investment monetization for the benefit of Seaway's stakeholders."
Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.com) is a venture capital company that focuses primarily on equity investments where returns are intended to be in the form of the eventual share appreciation and dispossession of those equity stakes. Northern New York-based Seaway Valley has current assets of over $35 million and $8 million in shareholder equity and recently announced the exploration of strategic alternatives including debt and equity restructuring and the eventual monetization of certain of its holdings.
About Patrick Hackett Hardware Company
Hackett's (www.hackettsonline.com), one of the nation's oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hackett's, now with ten locations, features brand name clothing for men, women, and children, and a large selection of brand name athletic, casual, and work footwear. Hackett's also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hackett's full service True Value hardware department features traditional hardware, tools, plumbing, paint and electrical departments. Hackett's also owns and operates four RadioShack stores and at certain stores leases space to Payless ShoeSource.
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.
SOURCE: Seaway Valley Capital Corporation
Seaway Valley Capital Corporation contact@seawaycapital.com www.seawayvalleycapitalcorp.com or Investor Relations: CEOcast, Inc. Gary Nash, 212-732-4300
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