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Press Release Source: Seaway Valley Capital Corporation
Hacketts Receives $5 Million Inventory-Based Financing Commitment
Tuesday January 8, 8:00 am ET
Funds to be Used for Debt Repayment, Store Conversions and Expansion
OGDENSBURG, N.Y.--(BUSINESS WIRE)--Seaway Valley Capital Corporation (OTCBB:SWVC - News) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hacketts”), has received a Term Sheet and Commitment Letter from Wells Fargo Bank, NA, through its Wells Fargo Business Credit operating division, (“Wells Fargo”) for inventory-based financing of up to five million dollars ($5,000,000). The Commitment Letter is subject to final due diligence and the completion of the loan documents.
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“We are pleased to have received this $5 million inventory-based financing commitment from a reputable institution such as Wells Fargo,” stated Hacketts CEO, Norman Garrelts. Hacketts, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the “Hacketts” brand. “With this line of credit arrangement,” added Mr. Garrelts, “Hacketts should have a vehicle to initiate the repayment of certain debt, help with transitioning the existing WiseBuys stores to Hacketts stores and begin the exploration of possible new locations. Having Wells Fargo as a partner further validates our efforts and ensures that sufficient capital should be available to Hacketts as the company takes advantage of those expansion opportunities.”
After the store conversions, Hacketts will operate nine locations, including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown -- all in New York.
About Patrick Hackett Hardware Company
Hacketts, 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. Hacketts, now with nine locations, features brand-name clothing for men, women, and children, and a large selection of athletic, casual, and work footwear. Hacketts also carries domestics, home décor, gifts, seasonal merchandise and sporting goods. Hacketts 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.
Contact:
Seaway Valley Capital Corporation
contact@seawaycapital.com
www.seawaycapital.com
or
Investor Relations:
CEOcast, Inc.
Gary Nash, 212-732-4300
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Source: Seaway Valley Capital Corporation
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