SACKETS HABOR, N.Y., March 18, 2010 (GLOBE NEWSWIRE) -- Seaway Valley Capital Corporation (Pink Sheets:SEVA), a diversified holding company with holdings in Harbor Brewing Company, Inc. (Pink Sheets:HBWO) and Hackett's Stores, Inc. (Pink Sheets:HCKI), announced that Seaway Capital, Inc., a holding company beneficially owned by the wife of Thomas W. Scozzafava, the Company's Chairman, shall cancel 4 billion shares of its common stock holdings in the Company. The planned cancelation is motivated by the desire to offset recent share issuances by the company pursuant to existing convertible debt agreements.
About Seaway Valley Capital Corporation:
Seaway Valley Capital Corporation (www.seawayvalleycapitalcorp.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, consumer products, media, business services, manufacturing, and select technologies.