Seaway Valley Capital Corporation Announces Elimination of Debt of Approximately $1,300,000

SACKETS HARBOR, N.Y., May 5, 2011 /PRNewswire/ -- Seaway Valley Capital Corporation (PINKSHEETS: SEVA) announced that it has agreed with the current holders of a convertible debenture - originally issued by the company in December 2007 to Golden Gate Investors, Inc. in the principal amount of $1,500,000 - to cancel the remaining outstanding principal and accrued interest balance.  The debenture, which accrues interest at 7% annually and converts into common stock of Seaway Valley Capital Corporation at a 15% discount to the trailing closing common stock share price, will be retired in full and will not be replaced with any security that converts into common stock of Seaway Valley Capital Corporation.

At the time of the debt extinguishment there will be approximately $1,300,000 of remaining principal and accrued interest outstanding on the debt.  

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.

SOURCE Seaway Valley Capital Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED