SWVC Releases Acquisition Update

Seaway Valley Capital Corporation Releases Acquisition Update
Friday September 21, 11:17 am ET

NEW YORK--(BUSINESS WIRE)--Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC - News) chairman and chief executive officer, Thomas W. Scozzafava, issued the following update to its shareholders today:


Dear Shareholders:

I am pleased to update you on the progress of WiseBuys Stores, Inc. ("WiseBuys"), including its pending acquisition of Patrick Hackett Hardware Company ("Hacketts").

We are pleased to announce that WiseBuys Stores, Inc. ("WiseBuys") has again retained the services of Dannible & McKee, LLP to complete the audits of Patrick Hacketts Hardware Company ("Hacketts"), which shall initiate its audits on Monday September 24th. The May 24, 2007 acquisition agreement between WiseBuys and Hacketts was amended in September to include the completion of the audited financials as a contingency since WiseBuys will be 100% owned by its public parent, Seaway Valley Capital Corporation, at the time of the WiseBuys-Hacketts closing.

I am pleased to be able to update you on these events, and I shall continue to update you with further developments.

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.

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.

Contact:
Seaway Valley Capital Corporation
contact@seawaycapital.com
http://www.seawaycapital.com
or
Investor Relations:
CEOcast, Inc.
Andrew Hellman, 212-732-4300