Seaway Valley Capitl (SEVA)

Description:

On July 1, 2007, Seaway Capital, Inc. acquired GreenShift's entire controlling stake in GS Carbon Corporation. On August 16, 2007, GS Carbon was renamed 'Seaway Valley Capital Corporation'. On July 1, 2007, the Company assumed the role of Fund Manager of the Seaway Valley Fund, LLC, which is a wholly owned subsidiary of WiseBuys Stores, Inc. As the sole investment manager of the Fund, the Company makes investment decisions regarding acquisition and dispossession of a number of securities in the Fund. On October 23, 2007, Seaway Valley acquired all of the capital stock of WiseBuys Stores, Inc. (WiseBuys). WiseBuys Stores, Inc. owns and operates five retail stores in central and northern New York. It was formed and began operations in 2003 as a direct result of the closing of small-town retailer, Ames Department Stores. Founded mainly by lifelong 'north country' residents, WiseBuys initially focused its efforts on serving the 'discount' retail needs of rural communities throughout northern and central New York. Seaway Valley is a venture capital and investment company which focuses on equity and equity-related investments in companies that require expansion capital and in companies following acquisition strategies. It would consider investment opportunities in a number of different industries, including retail, consumer products, restaurants, media, business services, and manufacturing. On November 7, 2007, Seaway Valley purchased all of the outstanding capital stock of Patrick Hackett Hardware Company, a New York Corporation (Hackett's). 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. At the time of the acquisition, Hackett's had locations in five towns in upstate New York: Ogdensburg, Potsdam, Watertown, Massena and Canton. Each store features brand name clothing for men, women, and children, and a selection of athletic, casual, and work footwear. Hackett's also carries domestics, home décor, gifts, seasonal merchandise and sporting goods. During 2008, the Company operated ten Hackett's locations - Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Sackets Harbor, Tupper Lake, and Watertown - all in New York. On June 1, 2008, Seaway Valley acquired the assets and companies of North Country Hospitality, Inc. 'North Country' was formed in 2005 and acquired and developed hospitality assets such as restaurants, lodging and other consumer product companies in northern New York. Seaway Restaurant Group (SRG) is comprised of a dynamic and developing roster of upscale casual- and fine-dining restaurants. The Company owns four real estate properties and more typically enters seven or ten year leases with multiple five year options to re-new.