SOURCE: Hathaway Corporation

January 02, 2008 06:31 ET

Hathaway (HWYI) to Begin Spin-Off of Subsidiary Diabetes Detection Inc.

Hathaway's Shareholders to Receive Dividend Shares in Transaction

PALO ALTO, CA--(Marketwire - January 2, 2008) - Hathaway Corporation (PINKSHEETS: HWYI) announced that its Board of Directors, as well as the Board of Directors of its subsidiary, Diabetes Detection, Inc. (DDI), have jointly agreed to begin the process of listing DDI on the OTCBB to become a fully reporting company. DDI plans to register with the Securities & Exchange Commission through an SB-2 Offering. The process should commence in the next few weeks.

Hathaway further announced that upon successful completion of the listing, the Company's shareholders will receive dividend shares in the newly listed company, based on a ratio of Hathaway shares held as of the ex-dividend date. The exact ratio and ex-dividend date are to be announced.

"DDI has been developing at a remarkable pace, and we are confident that the timing is now right for it to be spun off as an independent public entity," stated Paul Lisenby, CEO of Hathaway. "We were pleased to have rewarded our shareholders with dividend shares in the spin-off of our first subsidiary, OptiCon Systems Inc. FINRA should have OptiCon approved shortly and trading is expected to begin soon. We are now eager to continue executing our business model by doing the same with DDI, and also for future subsidiaries that demonstrate a quantum shift in technology and a readiness to be strong public companies," added Mr. Lisenby.

Hathaway is in active acquisition talks with several potential new subsidiaries.

About Hathaway:

Hathaway Corporation focuses on acquiring disruptive technologies in the telecommunications, medical devices, and software fields that can change or alter the way companies grow and service their businesses globally. Hathaway provides financial and infrastructural support to create revenue growth companies, positioning them to leverage the opportunities such technologies are typically capable of. Hathaway then offers the company on the public market or facilitates a buyout. To request further information about Hathaway, please email us at

About DDI:

Diabetes Detection Inc.'s patent-pending Neuropathy testing technology converged with communications devices, facilitates the early detection of Diabetes, which is now in epidemic proportions, affecting 140m people worldwide, and predicted to grow to 300m in 25 years (Source: WHO).

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 Information

  • Contact:

    FutureTechIR for Hathaway Corporation
    Investor Relations
    (817) 812-2105