OGDENSBURG, N.Y., Apr 21, 2008 (BUSINESS WIRE) -- Seaway Valley Capital
Corporation (OTC Bulletin Board:SWVC) ("Seaway Valley") announced today that its
wholly owned subsidiary, Patrick Hackett Hardware Company ("Hackett's"), has
acquired the franchise rights and has opened a RadioShack "store-within-a-store"
for its Hackett's in Hamilton, NY. The RadioShack store is now the third
RadioShack outlet owned and operated by Hackett's, as earlier this year it
assumed the Tupper Lake and Pulaski franchises from WiseBuys.
"We are pleased that RadioShack has again partnered with us for this new
Hackett's RadioShack location," stated Hackett's CEO, Norman Garrelts." "We are
particularly excited as our Hackett's store in Hamilton, NY is strategically
located near two colleges - Colgate University and Morrisville State College,
and the demand for all things electronic with that demographic bodes well for us
in this location," Mr. Garrelts added. RadioShack stores within the Hackett's
operations have historically been a profitable asset for the Company, and its
stores typically perform better in the context of a "store-within-a-store"
versus as a traditional independent, stand alone store due to higher foot
traffic levels and more flexible hours associated with a department store. Mr.
Garrelts added, "Immediately after a RadioShack store acquisition, we have
historically seen RadioShack sales revenues increase as much 100% or more over
those generated from previous owners, and we hope this is no exception."
RadioShack offerings include wireless telephones and communication devices, such
as scanners and two-way radios; flat panel televisions, residential telephones,
DVD players, computers, and direct-to-home (DTH) satellite systems; home
entertainment, wireless, imaging, and computer accessories; general and special
purpose batteries; wire, cable, and connectivity products; and digital cameras,
radio-controlled cars and other toys, satellite radios, and memory players. The
company also provides consumers access to third-party services, such as wireless
telephone and DTH satellite activation, satellite radio service, prepaid
wireless airtime, and extended service plans. In addition, it manufactures
various products, including telephony, antennas, wire, and cable products, as
well as hard-to-find parts and accessories for consumer electronics products.
Hackett's operates nine locations including Canton, Gouverneur, Hamilton,
Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown - all in New
York. Hackett's operates RadioShack stores in Hamilton, Pulaski, and Tupper
Lake. Hackett's is also seeking additional locations in New York, Vermont,
Massachusetts, Connecticut, and Pennsylvania.
About Patrick Hackett Hardware Company
Hackett's, 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 nine locations, features brand name
clothing for men, women, and children, and a large selection of athletic,
casual, and work footwear. Hackett's also carries domestics, home decor, gifts,
seasonal merchandise and sporting goods. Hackett's full service hardware
department features traditional hardware, tool, plumbing, paint and electrical
departments.
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.
SOURCE: Seaway Valley Capital Corporation |
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