SOURCE: Hathaway Corporation

October 02, 2007 06:31 ET

Hathaway (HWYI) and Subsidiary OptiCon Systems, Inc., Update on Dividend Spin-Off & Business

GRAPEVINE, TX--(Marketwire - October 2, 2007) - Hathaway Corporation (PINKSHEETS: HWYI) 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.

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