SEVA and Hackett's Stores, Inc. in Discussions With Xiamen, China-Based Consulting Company to Source Manufacturers for New WiseBuys Venture

WiseBuys Pay-at-Scan Venture With Partner ACG Consulting Developing Merchandise Sourcing Network

SACKETS HARBOR, N.Y., April 20, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI - News), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA - News), is pleased to announce that it has begun discussions with a Xiamen-based consulting group to develop Chinese manufacturing sources for its recently announced pay-at-scan venture, WiseBuys. Located across the strait from Taiwan, Xiamen's key manufacturing industries relevant to the proposed venture include electronics, pharmaceuticals, textiles, foodstuffs, and building materials among others.

WiseBuys President and CEO, Herbert Becker stated, "Seaway Valley has been laying the groundwork for this deal for many months, so these relationships haven't been formed over night." Mr. Becker continued, "China was a logical place to start since it provides such a large percentage of the consumer products currently in the U.S. retail network, but the venture will look to include manufacturing companies around the globe and in the United States."

The Xiamen-based relationship was developed with the assistance of ACG Consulting, with which the company recently executed a letter of intent to raise $7 million in new capital to fund WiseBuys and a separate software development company in conjunction with the formation of a joint venture EB-5 Region Center.

WiseBuys intends to develop a new discount retail concept wherein all merchandise is placed in each new store on consignment, which is referred to "pay-at-scan." The new business will seek partnering directly with manufacturers both in the United States and abroad. Merchandise being sought by WiseBuys would most likely be discounted obsolete or "over run" merchandise, and specialized software will enable each manufacturing partner to directly monitor its inventory, sales, and cash proceeds in a secured network environment. WiseBuys intends to open outlets only in larger population centers initially in the Northeast United States and in spaces greater than 50,000 square feet. WiseBuys will only open new stores where realistic target annual sales per square foot will be at $250 or greater.

Safe Harbor Statement

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.