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Hathaway Corporation Signs Letter of Intent to Acquire
Diabetes Detection, Inc.
Wednesday February 1, 2005
DDI to Be the Second Wholly Owned Subsidiary of Hathaway Corporation
Hathaway Corporation
is pleased to announce that they have
signed a Letter of Intent to acquire Diabetes Detection, Inc.,
for 3.1 million shares of Hathaway restricted common stock. Diabetes
Detection, Inc. owns the exclusive license for the Vibrameter,
which is a hand-held mobile device that can assist in the early
detection of diabetes.
Diabetes is a chronic condition that affects 18.2
million people -- nearly 6 percent of adults and children. National
inpatient hospital
costs associated with the treatment of diabetes topped $3.8 billion
dollars. Early detection can reduce this number by $2.8 billion
dollars. (For the complete article, please click here: )
Diabetes Detection, Inc.'s patent-pending Vibrameter represents
the world's only mobile medical device that tests for early defects
of the nervous system, or neuropathy, resulting from diabetes and
kidney failure. This device has the ability to revolutionize the
industry by detecting neuropathy through vibration utilizing communication
devices such as a pagers, cell phones, and PDAs.
"Our business model at Hathaway is to seek out companies within
the communications industry with disruptive technologies that bring
a shift in how communications are delivered and serviced globally.
Diabetes Detection, Inc. has technology that will change the way
healthcare professionals can detect, and therefore treat, diabetes.
As healthcare costs rise significantly in the treatment of diabetes,
this device will allow for early detection, thereby having a direct
impact on medical costs for insurance companies and health care providers
globally in their patient care costs," stated Paul Lisenby,
acting CEO of Hathaway Corporation
About Hathaway Corporation
Hathaway Corporation develops and acquires undervalued companies
that bring a shift in how communications are delivered and serviced
globally. Hathaway continues to seek out and capitalize on emerging
technologies such as OptiCon Systems that will change the way the
world communicates. Originally, OptiCon Systems was developed by
Corning and sold to their customers. Corning spent millions of dollars
and over seven years developing the Fiber Optic Management System
currently marketed and sold by OptiCon Systems Inc. OptiCon serves
over 70% of the global 500 companies such as Adelphia, Charter, Comcast,
Comcast/AT&T, Cox, Time Warner, and BrightHouse. Through Companies
like OptiCon, Hathaway brings the communication solutions of the
future to today's business marketplace.
Safe Harbor
This release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 27E of the
Securities Act of 1934. Statements contained in this release that
are not historical facts may be deemed to be forward-looking statements.
Investors are cautioned that forward-looking statements are inherently
uncertain. Actual performance and results may differ materially from
that projected or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and regulatory
and shareholder approval for anticipated actions.
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