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Tuesday October 2, 2007
Hathaway (HWYI) and Subsidiary OptiCon
Systems, Inc., Update on Dividend Spin-Off & Business
GRAPEVINE, TX--(MARKET WIRE)--Oct 2, 2007 -- Hathaway Corporation
(Other OTC:HWYI.PK - News) and OptiCon Systems Inc. announced today
that Amendment No. 3 to OptiCon's Form 10-SB registration statement
was filed with the U.S. Securities and Exchange Commission on Thursday,
September 27. OptiCon cannot predict when the SEC may complete commenting
on the registration or when FINRA will issue a trading symbol. Subject
to FINRA's approval for publication of initial quotations, OptiCon
is hopeful a vigorous public market will develop for OptiCon common
stock.
Sadruddin Currimbhoy, OptiCon's Chief Executive Officer, said,
"Anyone desiring to obtain more information about OptiCon and
its business should review the company's filings on the EDGAR system
with the SEC at www.sec.gov. The current amendment of our registration
statement, and the annual report on Form 10-KSB to be filed within
15 days, explain our business and our product."
OptiCon acquired the OptiCon Network Manager software from Corning
Cable Systems, Inc. in mid 2005. Corning Cable licensed the software
to 10 of the 25 largest cable television operators in the U.S. at
that time, among others. Corning Cable's licensees include Fortune
500 companies, such as Time Warner Telecom, AOL/Time Warner, Comcast,
Charter, AT&T Broadband and other major operators like Group
Telecom (Canada), Regional Cable (Canada), RCN, and GCI.
Mr. Currimbhoy continued by saying, "While we do not receive
any revenues from licenses issued by Corning Cable prior to our
acquisition, we believe that many of its 150 individual Cable Television
System installations of the OptiCon Network Manager software are
still in use. We are hopeful we will be able to pick up these licensees
on maintenance contracts going forward since Corning Cable stopped
supporting the R3 software and these companies have been without
a means to maintain and support the software. We believe they also
represent a market for our R4 version, if and when we complete development
of it (of which there is no assurance). We believe that even if
we are unable to sell service and support services to Corning Cable's
licensees, the MSOs who have not licensed from Corning Cable, as
well as other types of fiber cable system operators, provide us
with a substantial, potential market for the OptiCon Network Manager
software."
At the present time, OptiCon does not have any licensees of its
own for the OptiCon Network Manager software. OptiCon's funding
requirements are set forth in its registration statement with the
SEC. Pursuit of its business plan is dependent upon arrangements
for adequate funding to establish marketing and technical support
services. We plan to initially target small operators which are
not expected to require a large investment by OptiCon.
About OptiCon Systems
OptiCon Systems, Inc. offers a premier network management solution
for the physical and logical layer management and fault detection
for fiber optic via software, services, and integrated systems.
OptiCon's state-of-the-art solutions were initially developed and
deployed by Corning Cable.
Forward-Looking Statements
This press release may contain forward-looking statements covered
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements relate to, among other
things, plans and timing for the introduction or enhancement of
our services and products, statements about future market conditions,
supply and demand conditions, and other expectations, intentions
and plans contained in this press release that are not historical
fact and involve risks and uncertainties. Our expectations regarding
future revenues depend upon our ability to develop and supply products
and services that we may not produce today and that meet defined
specifications. When used in this press release, the words "plan,"
"expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes
in technology and changes in pervasive markets.
Contact:
OptiCon Systems, Inc.
Grapevine, Texas
Sadruddin Currimbhoy
817-305-0628
sadruddinc@hathawayglobal.com
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