Seaway Valley Capital Corporation (OTC Bulletin Board: SWYV), a diversified holding company, announced that it recently entered into an Exclusive Consulting Agreement with Fuselier Holdings 1, Inc., under which Fuselier will provide certain debt restructuring services aimed at eliminating or dramatically reducing the Company's junior and senior debts. Fuselier will attempt to resolve and settle creditor claims over certain time periods depending on seniority, debtor participation, and as directed by the Company. Fuselier Holdings provides equity financing and debt resolution services to publicly traded companies.
Thomas Scozzafava, Chief Executive Officer of Seaway Valley, stated, "Since mid-2007, we have quickly built into a sizeable company through acquisitions of WiseBuys Stores, Inc. and subsequently Patrick Hackett Hardware Company, Sackets Harbor Brewing Company, Seaway Restaurant Group, and Alteri Bakery, Inc. Seaway Valley successfully acquired assets totaling over $35 million, and management feels it must now concentrate efforts on debt restructuring and debt reduction." Mr. Scozzafava stressed that "engaging Fuselier is the first step towards this end, and we are confident the combined efforts will lead to a new chapter for Seaway Valley."
The Company encourages the public to read the above information in conjunction with its year-end statement, Form 10-KSB for December 31, 2007, and the second and third Quarter Form 10-Q financial statements. The financial statements can be viewed with the Securities and Exchange Commission, at www.sec.gov.
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, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio consists of the following platform companies:
- Patrick Hackett Hardware Company (Pink Sheets: HCKE) is one of the nation's oldest retailers with roots dating back to 1830. Hackett's is a full line department store specializing in premium 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, tool, plumbing, paint and electrical departments. Hackett's also owns and operates RadioShack stores and at certain stores leases space to Payless ShoeSource.
- Sackets Harbor Brewing Company develops, produces, and markets premium craft beers such as its award winning "War of 1812 Amber Ale" and "Railroad Red Ale" as well as "Thousand Island Pale Ale", "War of 1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the 1998 World Beer Championship and has been aggressively marketed to command a significant retail presence in the regional market place. The company has also developed complementary products such Sackets Harbor Coffee and Sackets Harbor Brewing Co. Root Beer.
- Alteri Bakery, Inc. has serviced the North Country region with quality baked goods since 1971. Alteri's is one of the last traditional Italian bakeries in the region and brings four generations of baking experience and over 80 years of serving northern N.Y. with the finest "true" Italian breads and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets. Alteri's products can be found at local restaurants, grocery stores, schools, and its own store.
- Seaway Restaurant Group is comprised of a dynamic and developing roster of upscale casual- and fine-dining restaurants, including Good Fello's Brick Oven Pizza and Wine Bar, the Sackets Harbor Brew Pub, and the 1812 Stationhouse. Each of the SRG restaurants is unique and memorable, which allows our guests to visit any among them multiple nights during the week to discover something new and exciting upon each visit. The common thread uniting all SRG restaurants is an emphasis on excellent food, superior service, and genuine value. SRG has been fortunate to receive acknowledgements for its restaurants from both customers and within the industry.
About Fuselier Holdings 1, Inc.
Fuselier Holdings provides equity financing and debt resolution services to publicly traded companies. By tailoring innovative, strategic financial solutions for each client, Fuselier implements an appropriate structure designed to reduce, restructure, and/or resolve debt, allowing the client to focus on its company fundamentals. Fuselier takes a synergistic approach which not only builds an ongoing relationship with their clients, but allows for overall growth and improvement in the company, the community, and the national economy. Visit http://www.fhhelp.com for more information.