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Great News this is going to fly! GS Carbon Executes Agreement to Acquire Majority Stake of WiseBuys Stores, Inc.
2007-07-13 06:00 MT - News Release
NEW YORK -- (Business Wire)
GS Carbon (OTC Bulletin Board: GSCR) today announced it has recently executed a number of share purchase agreements to acquire preferred and common stock of WiseBuys Stores, Inc. that equate to an approximate 60% voting stake in the company. The transaction is contingent upon completion of audited financials for WiseBuys.
Specifically, the share purchase agreements call for: (i) the acquisition of approximately 1.4 million of WiseBuys Series A Preferred Stock for approximately $2.08 million; (ii) the acquisition of 330,000 shares of WiseBuys common stock for $165,000, and (iii) the contribution by GS Carbon CEO, Tom Scozzafava, of 660,000 shares of WiseBuys common stock for no proceeds. Once effective, the selling WiseBuys shareholders will receive aggregate notes issued by GS Carbon totaling about $2.25 million. WiseBuys Stores, Inc. currently has approximately 1.833 million common shares issued and outstanding and approximately 2.2 million Series A Preferred shares issued and outstanding.
Tom Scozzafava, GS Carbon CEO and WiseBuys Stores, Inc. CFO, stated, “Once the audited financials are completed and these agreements become effective, this will be the first step towards getting GS Carbon a significant control position in WiseBuys. Additional share purchases by GS Carbon of WiseBuys stock may be forthcoming as well. WiseBuys will then seek to grow organically and through acquisitions. As stated in the press, WiseBuys has been in discussions with Hacketts for a number of months regarding a merger or acquisition. We hope to bring this to closer in the near future.”
GS Carbon was recently acquired by Seaway Capital (www.seawaycapital.com), which was formed in 2002 as a merchant banking company and will control significant stakes in various operating companies. Shortly after the closing of the transaction, Seaway intends to merge or have acquired into GSCR its or its founder’s holdings including that of WiseBuys Stores, Inc., (“WiseBuys”), a big box retail chain it founded in 2003 with former Ames Chairman and CEO, Joe Ettore, and former BJ Wholesale executive, Joe LaChausse. WiseBuys (www.wisebuysstores.com) currently has five (5) locations representing approximately 230,000 square feet, and it has partnered with other retailers such as Payless ShoeSource, Inc. and KB Toys to expand rapidly in rural markets in primarily former Ames locations. WiseBuys has generated store revenues for itself and its partners of over $35 million since November 2003, and, after a brief pause, is now aggressively seeking growth through acquisitions and new store development.
Seaway Capital is seeking additional debt and equity investments in retail, restaurants, media, business services, manufacturing, and technology companies.
About Seaway Capital, Inc.
Seaway Capital, Inc., which was formed in 2002 as “Seaway Capital Partners, LLC”, makes equity and equity-related investments in companies that require expansion capital and in companies pursuing acquisition strategies. Seaway Capital also seeks investments in leveraged buyouts and restructurings and will consider investment opportunities in a number of different industries, including retail, media, business services, and manufacturing. Seaway Capital 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.
Contacts:
Seaway Capital Corporation contact*seawaycapital.com www.seawaycapital.com or Investor Relations: CEOcast, Inc. Andrew Hellman, 212-732-4300
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seems like mm's knew about the news coming thats why they played games all day; we're gapping hard .01/.0105
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posted
Seems this stock rises every morning only to take a big dip at around 10:30 and then does another run in the afternoon... It still isn't trading like I would think that it should trade...BUT this has so much attention...I know daytraders are flipping...that alone creates huge volume...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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posted
today's news was a good one and yet people fell for mm's games this morning; i think it should recover nicely and run
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Posted by: cdnkid10 In reply to: holter who wrote msg# 8967 Date:7/16/2007 10:13:13 AM Post #of 8996
We ARE Seaway Capital right now! We are no longer GS Carbon! There is a new cusip number coming shortly along with the official name change and new stock symbol! Currently Seaway Capital is buying a majority ownership of WISEBUY and it will also be part of Seaway Capital. Down the road, Seaway Capital will be purchasing other profitable companies and putting them under the umbrella of Seaway Capital. Seaway Capital then nurtures these companies to make them attractive company's that they then sell for huge profits and we as shareholders just hang on and reap the rewards! Check out Seaway Capitals website and you can see all the many other companies they have been involved with. Here is the link for your research:
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many waiting for the cusip change, once its done then we'll fly imo. Good times to load at these levels before the pop imo .0071/.0075
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Posted by: onlythebest In reply to: None Date:7/16/2007 11:10:11 AM Post #of 9020
Was doing some research this morning on trying to find out what type of valuation Seaway Capital stock should have at a minimum based on the purchase of WISEBUY. The numbers are pretty incredible.
First we know Tom is the CEO of Seaway and also the CFO of WISEBUY! We know Seaway is buying 1.4 million preferred shares of WISEBUY for $2.08 million which puts a valuation of the preferred shares at $1.49 per share.
Second we know Tom is purchasing 330,000 shares of WISEBUY common stock for $165,000 which therefore prices those common stock shares at .50 per share. Further we also know Tom is cancelling 660,000 shares of WISEBUY with no proceeds. Currently WISEBUY has 1.833 million shares so after the buy and cancellation of Tom's shares we will own 330,000 shares of a common stock float of 843,000 shares. That gives us 39% controlling ownership of WISEBUY common stock! Tom also stated in the last press release their will be further consideration of addition common stock purchasing of WISEBUY!
Third, based on the purchase of the Preferred Stock of 1.4 million shares of the 2.2 million they have, Seaway Capital will own 63%, controlling interest, in WISEBUY with a value of $1.49 per shares.
Somewhere in all of these shares being purchased, I just have to say when the assets are on Seaway Capitals books, there is no way this stock should be trading at the levels it currently is with 186 million shares Issued and Oustanding! Should it be .50 or $5.00 who knows but I ain't no rocket scientist but is sure as hell is worth more than .25 per share!
July 17, 2007 09:41 AM Eastern Daylight Time WiseBuys Stores, Inc. Repays New York Business Development Corporation Loan Loan repayment represents approximately $1.245 million in bank debt reduction since formation
NEW YORK--(BUSINESS WIRE)--WiseBuys Stores, Inc. (“WiseBuys”) announced today that last week the company repaid in full its outstanding loan balances of the New York Business Development Corporation (“NYBDC” at www.nybdc.com). These loans had an original principal balance of $200,000 at the time of WiseBuys’ initial formation, and they represented the final senior loans at WiseBuys. Last year WiseBuys repaid additional senior loans from Key Bank, which were about $608,832 in original principal balance. Together, the entire senior balance of $808,832 was backed by the USDA’s Rural Development Loan Guarantee Program.
“We are pleased to report the repayment of these loans,” stated Thomas Scozzafava, a co-founder of WiseBuys and current CFO. “Together with the Key Bank loans, WiseBuys has managed to repay a significant portion of the initial debt resulting from the original formation of the company. I would like to thank Key Bank, the NYBDC, and the USDA Rural Development for their support of our company.”
In 2003 and 2004, WiseBuys also borrowed approximately $1.147 million from various county Industrial Development Agencies, of which principal of about $711,000 is outstanding today. In total, WiseBuys has repaid principal of approximately $1.245 million of bank and IDA loans. Scozzafava added, “It is our goal to continue to strengthen the company’s balance sheet to position the company for further growth opportunities. The weighted average interest rate of the remaining outstanding IDA loans is about 4.4%.”
Subject to completed audited financials, GS Carbon (OTCBB: GSCR) recently agreed to acquire a stake of approximately 60% of WiseBuys Stores, Inc. GS Carbon was recently acquired by Seaway Capital (www.seawaycapital.com), which was formed in 2002 as a merchant banking company and will control significant stakes in various operating companies. Shortly after the closing of the transaction, Seaway intends to merge or have acquired into GSCR its or its founder’s holdings including that of WiseBuys Stores, Inc., (“WiseBuys”), a big box retail chain it founded in 2003 with former Ames Chairman and CEO, Joe Ettore, and former BJ Wholesale executive, Joe LaChausse. WiseBuys (www.wisebuysstores.com) currently has five (5) locations representing approximately 230,000 square feet, and it has partnered with other retailers such as Payless ShoeSource, Inc. and KB Toys to expand rapidly in rural markets in primarily former Ames locations. WiseBuys has generated store revenues for itself and its partners of over $35 million since November 2003, and, after a brief pause, is now aggressively seeking growth through acquisitions and new store development.
Seaway Capital is seeking additional debt and equity investments in retail, restaurants, media, business services, manufacturing, and technology companies.
About Seaway Capital, Inc.
Seaway Capital, Inc., which was formed in 2002 as “Seaway Capital Partners, LLC”, makes equity and equity-related investments in companies that require expansion capital and in companies pursuing acquisition strategies. Seaway Capital also seeks investments in leveraged buyouts and restructurings and will consider investment opportunities in a number of different industries, including retail, restaurants, media, business services, and manufacturing. Seaway Capital 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.
Contacts Seaway Capital Corporation contact*seawaycapital.com www.seawaycapital.com or Investor Relations: CEOcast, Inc. Andrew Hellman, 212-732-4300
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