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Hathaway Corporation Intends to Spin-Off Its First Subsidiary - OptiCon Systems, Inc.
Wednesday May 3, 2006
Hathaway to File Registration Statement With Securities and Exchange Commission
Hathaway Corporation, a provider of global communications and telecommunications solutions, announced today that its Board of Directors has approved a dividend consisting of 100% of the stock of OptiCon Systems, Inc. of Dallas, Texas. The record date for determining the holders of Hathaway's common stock who will receive the dividend is to be determined. Hathaway's shareholders will receive one share of OptiCon Systems, Inc. common stock for every two shares of Hathaway common stock owned as of the record date.
By the end of May 2006, Hathaway plans to file a Registration Statement on Form SB-2 with the SEC. This registration will cover the spin-off distribution to Hathaway's non-affiliated stockholders. Simultaneously, a proposed market maker is expected to file for a trading symbol. OptiCon plans to file for a listing on the NASDAQ OTC Bulletin Board or Amex (depending on qualification) as soon as possible.
Paul Lisenby, acting CEO of Hathaway, said, "We are pleased to announce this next step in the process of implementing the spin-off, pro rata to all of our shareholders, of 100% of the common stock of OptiCon Systems, Inc. We believe that the spin-off makes logical progression of our corporate strategy for our shareholders, including enhancement of shareholder value, enabling OptiCon Systems to expand and maintain a superlative management team, greater liquidity, acquisitions, and greater access to public or private capital. OptiCon Systems provides fiber optic network management systems that currently run on over 70% of the major telecoms and cable companies here in the United States. Current users of OptiCon's software include Adelphia, Charter, Comcast, Comcast/AT&T, Cox, Time Warner, and BrightHouse.
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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