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Hathaway Corporation's (HWYI) Wholly Owned Subsidiary OptiCon Nears Completion of Audit for SEC
Monday October 23, 2006
Hathaway Corporation announced today that the auditing process for their wholly-owned subsidiary OptiCon Systems, Inc. is nearing completion. We're hoping that we will be able to file with SEC shortly. The "record date" of the spin-off for the current shareholders of HWYI will be posted as soon as we've received an effective date of our form 10-SB from SEC. The "spin-off date" will be established when a trading symbol is received from NASD. OptiCon's IPO will be priced at a minimum of $2 per share and a maximum of $4 per share, based on an independent valuation of $84M.
"This process is sometimes long and frustrating, not only to us but to our shareholders as well," stated Paul D. Lisenby, interim CEO of Hathaway. Mr. Lisenby adds, "The final process is near completion and we feel the filing of the form 10-SB shall take place in the very near future. We ask our shareholders to be patient. OptiCon is also currently in negotiations for several major contracts with global telecommunications companies and we're hoping to close these deals very soon."
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. Their first acquisition, OptiCon Systems, was first 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 Bright House. Through companies like OptiCon and DDI, 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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