SOURCE: Seaway Valley


September 17, 2009 05:00 ET

Seaway Valley Capital Corporation Subsidiary Announces New Liquidation Center

Wide Variety of Merchandise to Be Available in State Street Building

GOUVERNEUR, NY--(Marketwire - September 17, 2009) - Seaway Valley Capital Corporation (OTCBB: SWVL), a diversified holding company with its subsidiary, Hackett's Stores, Inc. (PINKSHEETS: HCKE), today announced the opening of its new "Liquidation Center" in the former power sports building on State Street in Ogdensburg.

The new Liquidation Center will sell a wide variety of merchandise, including surplus, and products purchased exclusively for the new business. The Center will also sell excess Hackett's inventory. Auctions will be held from time to time to facilitate sales of certain items.

Herbert Becker, Vice President and COO, stated, "Our new Liquidation Center shall be an exciting new facet of Hackett's overall operations, and management looks forward to building this business and, perhaps, eventually extending elements of it throughout the entire organization." Mr. Becker continued, "As part of this new strategy, we have decided to structurally realign certain operations, and this realignment will result in the consolidation and closure of our Potsdam location. As we begin the rebuilding process management feels that it is more prudent to invest our resources in locations not competing with our flagship Ogdensburg location, and, of course, the new Hackett's Liquidation Center. Considering the Potsdam location had the fewest number of months left on its lease and does compete with other St. Lawrence County Hackett's locations, the decision was made to consolidate it with the other stores."

Hackett's new Liquidation Center will focus on offering one-time deep discounted deals based on merchandise purchased through close-out sales, markdowns of overstocked items, and inventory from other business liquidations. Mr. Becker added, "The objective of our new Liquidation Center will be to obtain and provide premier quality merchandise for the treasure hunter."

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. The Company encourages the public to read the above information in conjunction with its year-end statement, Form 10-KSB for December 31, 2008, and the first and second Quarter Form 10-Q financial statements. The financial statements can be viewed with the Securities and Exchange Commission, at

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