Seaway Valley Capital Corporation (OTCBB:SWVC) today announced that it has appointed Christopher M. Swartz of Watertown, NY to its Board of Directors effective May 1st. Additionally, Mr. Swartz has joined Seaway Valley's management team as Chief Operating Officer and as previously reported shall continue to head the recently acquired North Country Hospitality, Inc. - now a wholly owned subsidiary of Seaway Valley.
In addition to founding and serving as President of North Country Hospitality, Inc., Mr. Swartz is Chairman of Florida-based Ultimate Franchise Systems, Inc. Ultimate, which Mr. Swartz founded in 1996, is a restaurant-focused venture and development company that has developed ownership positions in over 600 franchise companies with system sales of over $200 million dollars. In the past five years Mr. Swartz has participated in over twenty five financial transactions including leverage buyouts, reverse mergers, bankruptcy reorganizations, and private and public equity investments totaling over $100 million dollars. Mr. Swartz is the owner of JRECK Subs, Inc. and has served as its President and Chief Executive Officer. Additionally, Mr. Swartz is on the Board of Directors of the Florida Restaurant and Lodging Association and has served as the Chairman of its Finance Committee. Mr. Swartz has won multiple National business leadership awards from the National Republican Committee and is a 1992 honors graduate from Syracuse University.
Thomas Scozzafava, President and CEO of Seaway Valley stated, "I am pleased to have Chris join us here at Seaway, and I am confident that his experiences will translate well - not only at North Country - but across the entire Seaway portfolio and at the board of director level."
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation (www.seawaycapital.com) 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. Its current holdings include Patrick Hackett Hardware Company and North Country Hospitality, Inc.
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 nine 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 décor, 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 four RadioShack stores and at certain stores leases space to Payless ShoeSource.
About North Country Hospitality, Inc.
North Country (www.northcountryhospitality.com) was formed to develop or acquire and operate regional lodging, restaurant, and recreational venues. North Country also seeks to acquire or develop strategic consumer products that complement its core hospitality businesses and that can be positioned for growth outside the region. The company's current holdings include: (i) Sackets Harbor Brewing Company, which develops, produces, and markets micro brewed beers such as the award winning "1812 Amber Ale" and "Railroad Red Ale" as well as "Thousand Island Pale Ale", "1812 Amber Ale Light" and "Independence Wheat" specialty beers; (ii) Sackets Harbor Brew Pub, which is an operating "Brew Pub" that produces its own line specialty beers on site while also offering fine dining; (iii) Goodfello's Brick Oven Pizza and Wine Bar, which specializes in excellent-yet-affordable Italian food; (iv) Sackets Cantina Sackets, which offers a traditional Mexican menu; (v) five Jreck Subs Franchises (www.jrecksubs.com), which serves a variety of hot and cold sandwich choices, and homemade style soups; and (vi) Alteri's Bakery (www.alteribakery.com), which serves the region with the finest "true" Italian breads and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets.
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.
