SACKETS HARBOR, N.Y., Aug. 25, 2010 (GLOBE NEWSWIRE) -- Wisebuys, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), is pleased to announce that its subsidiary, Patrick Hackett Hardware Company, is changing its name to Outlet Center of Ogdensburg and refocusing the company as a liquidation, over runs and outlet center. The name change will be effective immediately, and the change in strategy comes as a result of months of feedback from customers.
Additionally, Patrick Hackett announced that it is preparing to file its amended Disclosure Statement and Plan of Reorganization with the United States Bankruptcy Court.
Outlet Center of Ogdensburg will begin liquidating all Patrick Hackett merchandise in order to clear the way for the new, value priced merchandise that will begin flowing into the store immediately.
Herbert Becker of Patrick Hackett stated, "We are excited by the name change and strategy shift, as they represent what hopefully is a new chapter in the company's evolution. We have identified numerous vendors to supply the Outlet Center and the feedback has been very good."
Mr. Becker continued, "Additionally, we hope this revised plan that we are prepared to file will allow the company to successfully emerge from bankruptcy protection."
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.