SOURCE: Hathaway Corporation

March 07, 2006 08:31 ET

Hathaway Corporation Completes Acquisition of Diabetes Detection, Inc.

Wholly Owned Subsidiary of Hathaway to Develop Vibrameter, World’s Only Early Detection Device for Diabetes Using Mobile Devices

ST. PETERSBURG, FL -- (MARKET WIRE) -- March 7, 2006 --Hathaway Corporation (OTC: HWYI) is pleased to announce that they have completed the acquisition of Diabetes Detection, Inc., for 3.1 million shares of Hathaway restricted common stock. Diabetes Detection, Inc. owns the exclusive license for the patent pending Vibrameter, which utilizes current hand-held communication devices for use in the early detection of diabetes.

Diabetes is a chronic condition that affects 18.2 million people -- nearly 6 percent of adults and children. National inpatient hospital costs associated with the treatment of diabetes topped $3.8 billion. According to government studies, early detection can reduce this number by $2.8 billion and devices such as the Vibrameter can test for early symptoms of this disease.

“Hathaway’s acquisition of DDI and the Vibrameter further emphasizes our continued search for disruptive technologies in communications industry that can lower costs and make a difference in the way companies do business. As healthcare costs continue to increase dramatically, the patent pending Vibrameter can test for early defects of the nervous system related to diabetes and kidney failure,” stated Mr. Paul D. Lisenby, Acting CEO of Hathaway. Mr. Lisenby further states, “This technology that will change the way healthcare professionals can detect, and therefore treat diabetes. By utilizing current communications devices such as pagers and cell phones, the Vibrameter will assist physicians in their early diagnosis of this disease, thereby reducing their overall costs associated with patient treatment. DDI, per our internal policy, will be spun off as an IPO when adequate funding is in place for its operation.”

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 BrightHouse. Through Companies like OptiCon, 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.

Contact Information

  • Contact:
    Big Apple Consulting USA, Inc. for Hathaway Corporation
    Investor Relations
    (407) 884-0444