Hackett's Acquires Gouverneur, New York RadioShack Franchise and Store
Date : 05/01/2008 @ 9:37AM
Source : Business Wire
Stock : Seaway Valley Capital Corporation (SWVC)
Quote : 0.004 -0.0002 (-4.76%) @ 9:53AM
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Hackett's Acquires Gouverneur, New York RadioShack Franchise and Store
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) (“Seaway Valley”) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hackett’s”), has executed an agreement to acquire the Gouverneur, NY RadioShack store and franchise rights from John J. Wetmore. The RadioShack store, currently run as a part of “Scooters Sales and Service” outlet, will be moved from its current location and become the fourth RadioShack “store-within-a-store” for Hackett’s. The RadioShack store is now the fourth RadioShack outlet owned and operated by Hackett’s, as earlier this year it assumed the Tupper Lake and Pulaski franchises from WiseBuys and acquired its third outlet in Hamilton, NY.
RadioShack offerings include wireless telephones and communication devices, such as scanners and two-way radios; flat panel televisions, residential telephones, DVD players, computers, and direct-to-home (DTH) satellite systems; home entertainment, wireless, imaging, and computer accessories; general and special purpose batteries; wire, cable, and connectivity products; and digital cameras, radio-controlled cars and other toys, satellite radios, and memory players. The company also provides consumers access to third-party services, such as wireless telephone and DTH satellite activation, satellite radio service, prepaid wireless airtime, and extended service plans. In addition, it manufactures various products, including telephony, antennas, wire, and cable products, as well as hard-to-find parts and accessories for consumer electronics products.
Hackett’s operates nine locations including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown – all in New York. Hackett’s operates RadioShack stores in Gouverneur, Hamilton, Pulaski, and Tupper Lake. Hackett’s is also seeking additional locations in New York, Vermont, Massachusetts, Connecticut, and Pennsylvania.
About Patrick Hackett Hardware Company Hackett’s (www.hackettsonline.com), one of the nation’s oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hackett’s, now with nine locations, features brand name clothing for men, women, and children, and a large selection of brand name athletic, casual, and work footwear. Hackett’s also carries domestics, home décor, gifts, seasonal merchandise and sporting goods. Hackett’s full service True Value hardware department features traditional hardware, tool, plumbing, paint and electrical departments. Hackett’s also owns and operates RadioShack stores at numerous locations and at certain stores leases space to Payless ShoeSource.
About Seaway Valley Capital Corporation Seaway Valley Capital Corporation 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, media, business services, manufacturing, and select technologies.
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.
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