SACKETS HARBOR, N.Y., June 22, 2010 (GLOBE NEWSWIRE) -- Wisebuys, Inc. (formerly known as Hackett's Stores, Inc.) (Pink Sheets:HCKID), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), is pleased to announce that yesterday its subsidiary Patrick Hackett Hardware Company has filed its Disclosure Statement and Plan of Reorganization with the United States Bankruptcy Court.
Patrick Hackett President, Herbert Becker, stated, "We are pleased to take this necessary first step to reorganize Patrick Hackett and hopefully successfully emerge from bankruptcy protection." Mr. Becker continued, "This has been a particularly trying time, which was initiated after Wells Fargo forced the premature repayment of Patrick Hackett's $5 million revolving line of credit. And although we managed to repay that loan in full the company had no choice but to ultimately seek protection under the code. And as the plan states, we hope the move past this unfortunate period by January 2011."
The company announced it recently executed a term sheet with ACG Consulting that called for a $3 million capital raise for Patrick Hackett Hardware Company, and the company expects to sign definitive agreements shortly.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.