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Monday September 17, 2007
Hathaway (HWYI) Proposes Spin-Off of Its
Second Subsidiary Diabetes Detection, Inc. (DDI)
Hathaway to Unlock Shareholder Value With DDI Spin-Off
ST. PETERSBURG, FL--(MARKET WIRE)--Sep 17, 2007 -- Hathaway Corporation
(Other OTC:HWYI.PK - News), a company that focuses on acquiring,
developing, and managing disruptive technologies in the telecommunications,
medical devices and software fields, announced today that Paul Lisenby,
the Chairman and Chief Executive Officer of the Company, proposed
to the board of directors, that the Company's equity interest in
DDI, its second subsidiary, be spun-off, pro rata, to all of the
Company's public shareholders as of a record date to be established
(the "Spin-Off").
Management's proposal of the Spin-Off requires the process to
be reviewed and considered by the Board of Directors. A registration
statement will only be filed if DDI could not attract any funds
on the private equity market as a private company. The proposed
Spin-Off is to attract private or public equity up to $50M in 48
months. DDI's status as a private or a public company will be determined
solely by the interested equity investors.
Paul Lisenby, Chairman and CEO of the Company, indicated as follows:
"After the successful spin-off of our first subsidiary, OptiCon
Systems, Inc., we have also decided to propose to Board of Directors
that the Company spin-off its equity interest in its rapidly growing
subsidiary, DDI, pro rata, to all of the Company's shareholders
as of a record date yet to be established. We believe that there
are many business purposes for such a spin-off, including the overall
unlocking of shareholder value (much like unlocking $84M in shareholder
value with the spin-off of OptiCon), thus enabling DDI to attract
and maintain a superlative management team with equity-related incentives,
greater liquidity, acquisitions, greater access to public or private
capital, including debt and equity."
About Hathaway
Hathaway Global Inc. focuses on acquiring disruptive technologies
in the telecommunications, medical devices, and software fields
that can change or alter the way companies grow and service their
businesses globally. Hathaway provides financial and infrastructural
support to create revenue growth companies, positioning them to
leverage the opportunities such technologies are typically capable
of. Hathaway then offers the company on the public market or facilitates
a buyout. To request further information about Hathaway, please
email us at investors@hathawayglobal.com
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.
Contact:
FutureTechIR for Hathaway Corporation
Investor Relations
(817) 812-2105 or
(727) 417-9338
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