Seaway Valley Capital Announces Agriculture Venture
Seaway Valley Capital Corporation (OTCBB: SWYV), a diversified holding company, announced that it has co-founded and is a partner in North Country Farms, LLC, a company formed to pursue value-added agricultural production, processing and marketing ventures with an initial focus on flour production from wheat harvested in the northern New York region.
The other founding partners of North Country Farms include Fields as Factories, LLC, a diversified agricultural business and northern New York’s largest wheat producer, and Golden Technology Ventures, a successful venture capital company with a focus on value-added production and processing technologies. Because Seaway Valley’s wholly owned subsidiary, Alteri Bakery, Inc., is estimated to be the region’s largest commercial flour consumer, together these founders can each influence the value chain of production, processing and end use in the target market.
Kevin Richardson, Plant Manager of the new mill, stated, “North Country Farms shall initiate its activities by milling wheat from local crops in an effort to create value in a market defined by volatile crop, food and transportation costs. We believe that highly concentrated crop and food processing operations located long distances from end markets created the opportunity for North Country Farms to capitalize on well defined supply chain opportunities.” Mr. Richardson added, “We feel a meaningful distributed food production opportunity currently exists in northern New York with respect to wheat and flour, and we are exploring other opportunities as well.”
At full capacity, the flour mill would be constructed to annually mill approximately 85,000 bushels of wheat with output of approximately four million pounds of white and whole wheat flour and over one million pounds of wheat midds.
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