North Country Hospitality, Inc. Announces Merger With Seaway Valley Capital Corporation
May 01 2008 - 10:00AM
Business Wire
North Country Hospitality, Inc. (Pink Sheets:NHSP) the �Company�)
today announced that it has merged its businesses with Seaway
Valley Capital Corporation (OTCBB:SWVC), based in Gouverneur, New
York. The new company will have combined assets of over $31 million
and expects to have annualized revenues exceeding $40 million per
year. The merger agreement was completed late last week. �This
agreement will open opportunities for both companies to expand
their core businesses and strengthen their ability to attract
capital,� explained Christopher Swartz, NHSP CEO. �The shareholders
of North Country can now point to a company which has increased its
value by over 40% through partnering with an organization that is a
clear complement to the goals we�ve set for our restaurant
operations, expansion of our resort holdings and enhancing the
competitiveness of our line of retail beverages including Sackets
Harbor Brewing Co. and 1812 ale.� Seaway Valley focuses on making
equity and equity-related investments in companies that require
growth and expansion capital and has focused much of its activities
in the same region, will form a new operating division that will
continue to operate as �North Country Hospitality� and be run by
current management at North Country. SWVC also owns Patrick Hackett
Hardware Company known in the northeast as Hackett�s. The
department store chain now with nine locations, and recently
announced that it is opening its third Radio Shack franchise. About
Seaway Valley Capital Corporation Seaway Valley Capital Corporation
was formed in 2002 and makes equity, equity-related, and debt
investments in companies that require expansion capital and in
companies pursuing acquisition strategies. 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, and manufacturing, and Seaway will also consider select
technology investments. About North Country Hospitality, Inc. North
Country Hospitality, Inc., is a holding company whose objective is
to acquire companies specializing in all aspects of the restaurant
and hospitality industry. The Company�s multiple operating
platforms encompass restaurant, hospitality, and beverage companies
that include fine dining establishments, casual and wine bar
restaurants, Mexican cuisine dining, franchised quick service
restaurants, and luxury resort suites. Additionally, North Country
has a significant equity position in two of the largest commercial
bakeries in upstate New York. This press release may contain
forward-looking information within the meaning of Section 27A of
the Securities Act of 1933 or Section 21E of the Securities and
Exchange Act of 1934 and is subject to the safe harbor created by
these sections. Ultimate Franchise Systems, Inc. assumes no
obligation to update the information contained in this press
release. Certain information included herein may contain statements
that are forward- looking, such as statements relating to plans for
future expansion and other business development activities as well
as operating costs, capital spending, financial sources and the
effects of competition. Such forward-looking information is subject
to changes and variations which are not reasonably predictable and
which could significantly affect future results. Accordingly, such
results may differ from those expressed in any forward-looking
statements made by or on behalf of the Companies.