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Hathaway Corporation (HWYI) Extends the Shareholder "Record Date" to February 19, 2007 for the Spin-Off of Its First Subsidiary, OptiCon Systems, Inc.
Wednesday December 20, 2006
Hathaway Corporation, a leading global provider of communications and telecommunications software and services, today announced that the board of directors has extended the previously announced "record date" of December 19th, 2006 to February 19th, 2007 for determining the record holders of Company common stock for purpose of receiving the "spin-off" distribution shares to all of the Company's shareholders.
Previously we were compelled to extend the announced record date due to delays in preparation of the ongoing audit and the registration statement of OptiCon Systems, Inc. After proper due diligence and further consultation with the NASD, our SEC attorney and CPA, we are happy to inform our investors of the new record date of February 19th, 2007. We feel the new record date will allow us sufficient time for our preparation and filing of our registration statement. The new record date will also be closer to the distribution date of the dividend.
OptiCon's spin-off is an essential part of the Hathaway business model in unlocking shareholder value. OptiCon's private valuation of $84M and its market potential as the leading fiber optics management system morphs the current market value of Hathaway (HWYI).
All Hathaway shareholders of record at the close of business on February 19th, 2007 will be eligible to receive one share of OptiCon Systems, Inc. common stock for every two shares of Hathaway common stock owned as of the "record date" on the "distribution date."
The "distribution date" of the spin-off dividend or shares of OptiCon will be announced when our registration statement with SEC is active and when NASD provides the trading authorization and a trading symbol. We expect the approximate "distribution date" to be in the beginning of the second quarter of 2007.
A complete summary of the spin-off can be found at:
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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