Seaway Valley Capital Announces Agriculture Venture
Date : 10/07/2008 @ 8:00AM
Source : Business Wire
Stock : Seaway Valley Capital Corporation (SWYV)
Quote : 0.0005 0.0 (0.00%) @ 8:08AM
Seaway Valley Capital Announces Agriculture Venture
Seaway Valley Capital Corporation (OTCBB: SWYV), a diversified holding company, announced that it has co-founded and is a partner in North Country Farms, LLC, a company formed to pursue value-added agricultural production, processing and marketing ventures with an initial focus on flour production from wheat harvested in the northern New York region. The other founding partners of North Country Farms include Fields as Factories, LLC, a diversified agricultural business and northern New York’s largest wheat producer, and Golden Technology Ventures, a successful venture capital company with a focus on value-added production and processing technologies. Because Seaway Valley’s wholly owned subsidiary, Alteri Bakery, Inc., is estimated to be the region’s largest commercial flour consumer, together these founders can each influence the value chain of production, processing and end use in the target market.
Kevin Richardson, Plant Manager of the new mill, stated, “North Country Farms shall initiate its activities by milling wheat from local crops in an effort to create value in a market defined by volatile crop, food and transportation costs. We believe that highly concentrated crop and food processing operations located long distances from end markets created the opportunity for North Country Farms to capitalize on well defined supply chain opportunities.” Mr. Richardson added, “We feel a meaningful distributed food production opportunity currently exists in northern New York with respect to wheat and flour, and we are exploring other opportunities as well.” At full capacity, the flour mill would be constructed to annually mill approximately 85,000 bushels of wheat with output of approximately four million pounds of white and whole wheat flour and over one million pounds of wheat midds.
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 technology companies.
Golden Technology Management (www.goldentechpartners.com) invests in and manages new energy and environmental businesses with a focus on community-scale energy, food and water. The Golden Technology Team possesses an expansive network that includes seasoned technologists, sales professionals, entrepreneurs, investors and successful executives. Through its relationships, Golden has access to an array of high-value, under-exploited technologies and business opportunities as well as the capability to rapidly advance the interests of new ventures.
Fields as Factories LLC is a diversified agriculture business just outside the historic village of Sackets Harbor. Founded in 1977 with 100 acres of rented land, its owners have transformed the business to include 5,000 acres of owned and rented land raising a variety of field crops and vegetables such as corn, soybeans, wheat, alfalfa, hay, pumpkins and sweet corn, a 650 cow dairy, a grain processing enterprise, and the popular and well respected farm tour and agricultural education enterprise, Old McDonalds Farm (www.oldmcdonaldhasafarm.com).
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.
