SACKETS HARBOR, N.Y., March 23, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), announced today that Hackett's wholly owned subsidiary, Patrick Hackett Hardware Company, has been presented with a letter of intent ("LOI") for financing of up to $750,000. Proceeds from the loan would be used to repay certain indebtedness and to purchase additional inventory.
Herbert Becker, President and CEO of Patrick Hackett, stated, "We are currently reviewing this non-binding LOI and trying to negotiate better terms for the company." Mr. Becker continued, "The fact the company received this LOI is itself a positive development and appears to be an indication that capital seems to be more accessible than it was just a few months ago." Final terms of the offer are being negotiated and, if agreed upon, ultimately must be approved by the court.
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company, WiseBuys Stores, Inc. and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service hardware, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO or WiseBuys-branded stores open.
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