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Hathaway Corporation Clarifies the Spin-Off Procedures of Its First Subsidiary -- OptiCon Systems, Inc. -- to Its Investors
Wednesday July 19, 2006
Hathaway Corporation, a leading provider of global communications and telecommunications solutions, announced today that due to investor request, Hathaway would like to clarify the process needed and the "record date" to spin-off its wholly owned subsidiary, Opticon Systems.
Per previous press release, Hathaway plans to file a Registration Statement on Form SB-2 or Form 10-SB with the SEC. This registration will cover the spin-off distribution of OptiCon Systems 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.
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." The record date is per consent by the SEC and the approval for listing by NASD. OptiCon will then receive a ticker symbol and a record date for a trading market. The record date for the stockholders to receive the dividend of OptiCon shares will be the day that the SEC completes the review of OptiCon's filing and the NASD issues a trading symbol. We will then inform all investors as to the actual "record date." Existing non-affiliate stockholders will then receive their dividend shares automatically by the company's transfer agent in certificate format or the dividend will automatically be deposited into their brokerage account where Hathaway shares are active.
"We feel obligated to inform our shareholders as to the process necessary to move to a fully reporting status with listing on the NASDAQ OTC Bulletin Board or Amex Exchange. Unfortunately this process takes some time and our auditors are working diligently to ensure our financial information is true and accurate for the filings," stated Paul D. Lisenby, interim CEO of Hathaway. Mr. Lisenby adds, "Opticon is seeing quite a bit of interest from many countries regarding the R-3 software and we feel very confident that some major contracts will be inked very soon."
About Hathaway Corporation
Hathaway Corporation acquires and develops undervalued companies that bring a shift in how communications is delivered and serviced globally. Starting with OptiCon Systems, which is used by global 500 companies, Hathaway will continue to seek out and capitalize on emerging technologies that will change the way the world communicates. Hathaway brings the communications 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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