SACKETS HARBOR, N.Y., Jan. 15, 2010 (GLOBE NEWSWIRE) -- Hackett’s Stores, Inc. (Pink Sheets:HCKI) is pleased to announce that it has formed a new subsidiary, HIIO, Inc. (pronounced “H-two-Oh”), to complement its subsidiary, Patrick Hackett Hardware Company.
Herbert Becker, President of newly formed HIIO, stated, “While our immediate priority is the restructuring and eventual emergence from Chapter 11 of Patrick Hackett Hardware Company, we felt an opportunity existed for a more focused and streamlined retailer. HIIO, Inc. represents a platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items – all relevant to our customer base.” Mr. Becker continued, “This streamlined and focused approach will also allow us to roll out stores with smaller and replicable footprints, which are infinitely easier to manage and control, and are easier for our customers to shop and enjoy.”
Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including full service hardware, electronics, equipment rental, clothing, footwear, sporting goods and until recently included a power sports division. Hackett’s Stores, Inc. is majority owned by Seaway Valley Capital Corporation (Pink Sheets:SEVA).
About Seaway Valley Capital Corporation
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 technologies. Seaway Valley’s current portfolio includes Hackett’s Stores, Inc. (Pink Sheets:HCKI), Alteri Bakery, Inc., Harbor Brewing Company, Inc. (Pink Sheets:HBWO) and Seaway Realty Holdings, LLC.
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.