Post by zackin on Jul 17, 2007 13:26:24 GMT -5
I remember the talk about GSCR and Seaway Capital a couple of weeks ago, I bought some then and I'm still buying some now trying to lower my PPS a bit more. I don't see how this can't go up tremendously with them paying off debt and expanding.
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the PR today.....
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 http://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.
:
: the PR today.....
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 http://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.