InvestSource, Inc.: Seaway Valley Capital Corporation Releases Update

Jul 24, 2008 (M2 PRESSWIRE via COMTEX) -- WFC | Quote | Chart | News | PowerRating -- Stocks in the News: Seaway Valley Capital Corporation (OTCBB: SWVC), Brandywine Realty Trust (NYSE: BDN), Highwoods Properties, Inc. (NYSE: HIW), Holliday Fenoglio Fowler, L.P.(NYSE: HF)

Jul 23, 2008 -- Seaway Valley Capital Corporation (OTCBB: SWVC) chairman and chief executive officer, Thomas W. Scozzafava, issued the following update to its shareholders today: He states that, despite the recent pressure in the shares of Seaway Valley, the Company has made and continues to make significant strides in the underlying value of the businesses in its portfolio. To review, Seaway Valley has accomplished the following major milestones: In the fall of 2007, Seaway Valley acquired one hundred percent of WiseBuys Stores, Inc. and then quickly acquired one hundred percent of Patrick Hackett Hardware Company. As previously announced, management is in the process of converting each WiseBuys store into a "Hackett's" brand store. In March 2008, Seaway Valley assisted Hackett's in securing a $5 million inventory based line of credit from Wells Fargo. Including the previously announced and soon-to-be-opened Sackets Harbor store, Hackett's has ten locations with expected 2008 revenues of over $20 million and pro forma (once all ten stores are open for a complete calendar year) of over $30 million. The WiseBuys store transitions are both time and capital intensive, but the process continues on. We converted the Canton store on June 14th and expect to convert the Gouverneur store by mid-August. Hamilton and Tupper Lake are expected to transition this fall, and Pulaski is targeted before year-end. In June 2008, Seaway acquired North Country Hospitality, Inc., bringing to Seaway Valley four distinct-but-synergistic business lines dealing with breweries, restaurants, bakeries, and lodging. Seaway Valley, in short order, acquired assets totaling approximately $30 million and has current projected pro forma annualized revenues of $36 - $40 million including the current North Country assets and revenues. While management continues the task of integrating its core holdings it will also continue to drive growth in the portfolio companies.

Jul 23, 2008 -- Brandywine Realty Trust (NYSE: BDN | Quote | Chart | News | PowerRating) announced today that it has executed a 10-year lease transaction with Time Warner Cable Inc. for 195,000 square feet in South Lake at Dulles Corner, a 268,240 square foot office building in Herndon, Virginia, a suburban office market in metropolitan Washington, DC. Time Warner Cable Inc. will relocate from several non-Brandywine locations in the Herndon area and will occupy the South Lake building between April and August of 2009. The Time Warner Cable lease brings South Lake at Dulles Corner to 73% leased and is one of the largest transactions ever completed in the Herndon market. South Lake at Dulles Corner is a prominent, 10-story office building located at the intersection of the Dulles Access and Toll Road and Route 28 in Herndon, Virginia in the Dulles Corner office park. Overall, Brandywine owns six office buildings in the park totaling 1.1 million square feet, and has the ability to develop an additional 200,000 square foot office building. "We are pleased that Time Warner Cable has recognized and validated the superior characteristics of South Lake at Dulles Corner," stated Robert Wiberg, Executive Vice President and Senior Managing Director of Brandywine Realty Trust. "We recognize that Time Warner Cable had other options and appreciate their endorsement and support of our project."

Jul 23, 2008 -- Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today announced that it has signed a 75,000 square foot, long-term lease at RBC Plaza with Williams Mullen, a law firm founded in 1909 and headquartered in Richmond, Virginia. This brings pre-leasing of the 292,000 square foot office and retail development project to 91%, and pre-leasing of the office component to 95%. RBC Plaza is expected to be completed in the fourth quarter of 2008. The Company also noted that all 139 condominiums at RBC Plaza are under contract with non-refundable deposits. Williams Mullen will be relocating to RBC Plaza in the third quarter of 2009 from Highwoods Tower I in Raleigh where they currently lease approximately 51,000 square feet. Williams Mullen merged in 2007 with the law firm Maupin Taylor, which was founded in Raleigh in 1870. The firm has over 320 attorneys in 11 locations throughout North Carolina, Virginia, Washington, D.C. and London. Ed Fritsch, president and chief executive officer, commented, "We are thrilled to welcome Williams Mullen to RBC Plaza. This announcement is another endorsement by a large and highly respected firm of the vitality and future growth of Raleigh's downtown area. RBC Plaza is now the tallest building in Raleigh and we look forward to the building's grand opening this fall." Keith Kapp, Vice President and Director and an attorney based in Raleigh, commented: "We are excited to be moving to RBC Plaza and the heart of downtown Raleigh. This is a great opportunity for us to be in a central location in the newest office building in the city. We have been customers of Highwoods for many years and are very pleased to be able to extend this mutually beneficial relationship."

Jul 23, 2008 -- The Los Angeles office of Holliday Fenoglio Fowler, L.P.(NYSE: HF | Quote | Chart | News | PowerRating) announced today that it arranged a construction loan and joint venture equity totaling $167.5 million for University Gateway, a luxury student housing and ground-floor retail project adjacent to the University of Southern California in Los Angeles. HFF senior managing director Paul Brindley and associate director John Crump worked exclusively on behalf of Urban Partners, LLC, Real Estate Capital Partners and Blackstone Real Estate Advisors (BREA), an affiliate of The Blackstone Group LP, to secure the fully-underwritten construction loan through Wells Fargo's Merchant Banking Group. RCG Longview Equity Fund, L.P. provided the equity. Due for completion in summer of 2010, University Gateway will have 421 one- and two-bedroom units, more than 78,000 square feet of ground-floor neighborhood and community serving retail space including restaurants, and a nine-level, 770-space parking garage. The eight-story property is located at the northwest corner of Figueroa Street and Jefferson Boulevard adjacent to USC and the new Galen Events Center. "University Gateway is one of the most highly anticipated projects to be underway in the USC area in years, in part due to the nearly 7,000 bed shortage the University is facing for student housing," said Brindley. "It is anticipated that 1,600-bed University Gateway will become the preeminent place for students to live, shop and dine."

Market Wrap for July 23rd, 2008

Wednesday marked an active session for Wall Street, with 110 companies releasing their quarterly results, including four Dow components. In addition, the government announced its weekly energy statistics and the Fed released its Beige Book. The stock market settled with a modest gain of 0.4% in volatile and heavy trade. The advance was aided by a steep drop in crude prices and several better-than-expected earnings reports. The Nasdaq outperformed its counterparts thanks to strength in large-cap tech names.

Defensive investments, such as the utilities sector (-2.3%), underperformed, while beaten-down areas saw a surge in buying interest, as investors showed more willingness to take on risk. Consumer discretionary stocks rose 2.0%, with homebuilders climbing 4.0%. Automakers rose 3% after General Motors (GM 14.60, +0.28) forecast a 2.5% increase in global 2008 auto sales, as strong emerging market demand offsets weakness in North America. Meanwhile, retailers advanced (+2.4%) after crude prices took a tumble. Oil prices fell 3.1% to $124.48 per barrel, marking its lowest level in more than six weeks. Crude inventory levels fell by a larger-than-expected amount, but an increase in gasoline stockpiles raised concerns of demand destruction. The drop in oil prices weighed heavily on the energy sector (-3.8%), but provided a huge lift to airline stocks (+8.5%). Commodities as a whole fell 1.7%, with gold shedding 3.1% as the dollar rose 0.5%. As a result, the materials sector (-1.7%) underperformed. The financial sector was once again in focus after Washington Mutual (WM 4.65, -1.17) reported a larger-than-expected second quarter loss of $3.3 billion. The sector managed to gain as much as 4.6% on news that lawmakers reached a deal on a housing bill that, among other things, will allow for financial aid to Fannie Mae (FNM 15.00, +1.59) and Freddie Mac (FRE 10.80, +1.10) if need be. Financials slipped off their best levels, to settle the day with a gain of 1.9%, after WaMu reversed into the red on concerns that it will have to raise more capital. The financial sector is up 34% since July 15, but is still down 23% this year. The Fed's Beige Book, a collection of anecdotal economic information, prompted a brief drop in stocks, but the market quickly recovered from the knee-jerk reaction as much of the information was already known. The report stated that the economy has "slowed somewhat" since the previous report, and that there were increased price pressures. In addition, consumer spending was "mixed, weak or slowing" in nearly all districts.

ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO TO: www.investsourceinc.com.

To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation to buy or sell securities. InvestSource, Inc. has prepared all material herein based upon information believed to be reliable. The information contained herein is not guaranteed by InvestSource, Inc. to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this release have not given an opinion or approved the statements made in this release.

InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).

CONTACT: InvestSource, Inc e-mail: info@investsourceinc.com WWW: http://www.investsourceinc.com

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index