SOURCE: Hathaway Corporation

August 15, 2005 08:53 ET

/ CORRECTION - Hathaway Corporation

ST. PETERSBURG, FL -- (MARKET WIRE) -- August 15, 2005 -- In the news release, "Hathaway Corporation Completes the Acquisition of OptiCon Systems Inc., a Division of Corning®," issued Monday, August 1st, 2005, by Hathaway Corporation (OTC: HWYI), we are advised by the company that the headline should read, "Hathaway Corporation Completes the Acquisition of 100% of OptiCon Systems Inc." rather than "Hathaway Corporation Completes the Acquisition of OptiCon Systems Inc., a Division of Corning®" as originally issued. The first paragraph has been replaced and should read, "Hathaway Corporation (OTC: HWYI), a leading global provider of communications and telecommunications software, today announced the completion of the acquisition of OptiCon Systems Inc, for $42,000,000 in Restricted Common and Preferred. OptiCon was initially a business unit of Corning®." rather than "Hathaway Corporation (OTC: HWYI), a leading global provider of communications and telecommunications software, today announced the completion of the acquisition of OptiCon Systems Inc., a unit of Corning®." as originally issued. The contact information should read, "Sam Talari, 817-812-2104" rather than "Sam Talari, 817-812-2107, 727-417-9338, Investors@hathawayglobal.com" as originally issued. Complete corrected text follows.


Hathaway Corporation Completes the Acquisition of 100% of OptiCon Systems Inc.


Software Developed by Corning® for Management of Fiber Optic Networks

ST. PETERSBURG, FL -- 08/01/2005 -- Hathaway Corporation (OTC: HWYI), a leading global provider of communications and telecommunications software, today announced the completion of the acquisition of OptiCon Systems Inc, for $42,000,000 in Restricted Common and Preferred. OptiCon was initially a business unit of Corning®.

The OptiCon Systems software, developed, patented and sold by Corning for Fiber Optic Management, is currently in use by Comcast®, Charter®, Adelphia® and Time Warner®, as well as several other major cable and telephone companies throughout the U.S. These companies now become Hathaway clients.

Sam Talari, acting CEO of Hathaway Corporation, stated, "We are extremely excited about this acquisition of OptiCon Systems Inc. We've gone through twelve months of extensive due diligence on OptiCon, ensuring its patents, management, market opportunity and customer lists were validated." Mr. Talari further states, "With the Fiber-to-Home initiative by all major cable and telecom companies expanding at a rapid pace, the OptiCon management system will undoubtedly become a necessity for these companies to manage their services in the most effective and efficient way. OptiCon is currently deployed by 7 of the 10 major cable and telecom providers, and this acquisition will have a significant impact on our revenues for the next 5 years. Hathaway will immediately begin the process for listing on the NASDAQ Small Cap Market."

About Hathaway Corporation

Hathaway Corporation develops and acquires 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. To request further information about Hathaway, please email us at investors@hathawayglobal.com.

About OptiCon Systems Inc

OptiCon Systems was initially developed and patented by Corning and sold to their customers throughout the U.S. Corning spent millions of dollars and over seven years developing the Fiber Optic Management System currently used by OptiCon and run on over 70% of the major telecoms and cable companies here in the United States. Current clients include Adelphia®, Charter®, Comcast®, Comcast/AT&T®, Cox®, Time Warner®, and BrightHouse®.

Market Opportunity

The OSS software marketplace reached $11.1 billion worldwide in 2003 and is expected to grow to $16.2 billion worldwide by 2007. North America enjoys 60% of the marketplace at $6.6 billion. With its current position as the market leader, OptiCon will an opportunity to capture most of the forecasted market size.

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:
Hathaway Corporation, St. Petersburg, Florida
Sam Talari
817-812-2104

Contact Information

  • Contact:
    Hathaway Corporation, St. Petersburg, Florida
    Sam Talari
    817-812-2104