On 05/15/2008, Seaway Valley Capital Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Seaway Valley Capital Corporation announced that its wholly owned subsidiary, Hacketts, will be opening a new location in Sackets Harbor, NY with a targeted opening date scheduled for mid-June 2008. The company´s tenth store will be located at the site of the former Harbormaster and Smokehouse restaurants on West Main Street and will carry an assortment of clothing, footwear, gift, and select specialty food and beverages.

Seaway Valley Capital Corporation announced that it has appointed Christopher M. Swartz of Watertown, NY to its Board of Directors effective May 1st. Additionally, Mr. Swartz has joined Seaway Valley´s management team as Chief Operating Officer and as previously reported shall continue to head the recently acquired North Country Hospitality Inc. In addition to founding and serving as President of North Country Hospitality Inc., Mr. Swartz is Chairman of Ultimate Franchise Systems Inc. Ultimate, which Mr. Swartz founded in 1996, is a restaurant-focused venture and development company that has developed ownership positions in over 600 franchise companies with system sales of over $200 million dollars. In the past five years Mr. Swartz has participated in over twenty five financial transactions including leverage buyouts, reverse mergers, bankruptcy reorganizations, and private and public equity investments totaling over $100 million dollars.