Seaway Valley in Discussions with Metro Restaurant for Possible Acquisition

Management looking to expand restaurant group outside northern New
York
WATERTOWN, N.Y.--(Business Wire)--
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) today
announced that it's wholly owned subsidiary, North Country
Hospitality, Inc. ("NCH"), owner of Good Fello's Brick Oven Pizza and
Wine Bar, Sackets Harbor Brew Pub, The Cantina, and Sackets Harbor
Brewing Company, has begun preliminary discussions with the owners and
management of a restaurant in a metro area in New York State. The
discussions, although preliminary, are aimed at finding opportunities
to strategically expand the North Country restaurant group outside the
region, and areas targeted for expansion include Albany, Syracuse,
Rochester, and Buffalo. This particular restaurant, which this year
expects to generate about $1.8 million in food and beverage revenues,
is in one of these targeted markets.

Christopher Swartz, President of NCH, stated, "We feel that the
timing is right to begin aggressively seeking opportunities to take
our current concepts - or to acquire others - outside the region so
that we can gain a greater overall market share by being exposed to a
greater number of consumers." Mr. Swartz continued, "And although
these discussions with this particular restaurant are just beginning,
they represent the posture of the company."

About North Country Hospitality, Inc.

North Country (www.northcountryhospitality.com) was formed to
develop or acquire and operate regional lodging, restaurant and
recreational venues. North Country also seeks to acquire or develop
strategic consumer products that complement its core hospitality
businesses and that can be positioned for growth outside the region.
The company's current holdings include: (i) Sackets Harbor Brewing
Company, which develops, produces, and markets micro brewed beers such
as the award winning "1812 Amber Ale" and "Railroad Red Ale" as well
as "Thousand Island Pale Ale", "1812 Amber Ale Light" and
"Independence Wheat" specialty beers; (ii) Sackets Harbor Brew Pub,
which is an operating "Brew Pub" that produces its own line specialty
beers on site while also offering fine dining; (iii) Goodfello's Brick
Oven Pizza and Wine Bar, which specializes in excellent-yet-affordable
Italian food; (iv) Sackets Cantina Sackets, which offers a traditional
Mexican menu; (v) five Jreck Subs Franchises (www.jrecksubs.com),
which serves a variety of hot and cold sandwich choices, and homemade
style soups; and (vi) Alteri Bakery (www.alteribakery.com), which
serves the region with the finest "true" Italian breads and specialty
pastry items, such as cakes, cookies, muffins, bagels, and specialty
gift baskets.

About Seaway Valley Capital Corporation

Seaway Valley Capital Corporation 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, media, business services,
manufacturing, and select technologies.

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.

Seaway Valley Capital Corporation
contact@seawaycapital.com
www.seawaycapital.com
or
CEOcast, Inc.
Gary Nash, 212-732-4300

Copyright Business Wire 2008