SOURCE: Hathaway Corporation

June 24, 2005 14:45 ET

Hathaway Corporation Expands Its Offer to Purchase 100% of OptiCon Systems Inc.

ST. PETERSBURG, FL -- (MARKET WIRE) -- June 24, 2005 -- Hathaway Corporation (PINKSHEETS: HWYI), a leading provider of communications and OSS software for the telecommunications industry, today announced that the Company has expanded its offer to acquire 100% of OptiCon Systems Inc. through shares exchange and cash.

Sam Talari, the acting CEO of Hathaway Corporation, said, "We are delighted to have an opportunity to own a 100% position in OptiCon Systems Inc. OptiCon provides Fiber Optic Network Management software system that currently runs on over 70% of the major telecoms in the United States. OptiCon was a unit of a major Fortune 100 company prior to its purchase by an investor group. Over the past 8 years, they have invested close to $8 million in R&D expenses. The completion of this acquisition will have a significant positive effect on our revenues for 2005 and should improve our return on investment for our shareholders."

Market Opportunity

OptiCon is a Fiber Optic Network Management solution that is used by 7 out of 10 major cable and telecommunications companies in the United States. The OSS software marketplace was $11.1 billion worldwide in 2003 and is expected to grow to $16.2 billion worldwide by 2007. North America has 60% of the marketplace at $6.6 billion. OptiCon is poised to increase its lead by major infusion of investments and capital infusion.

About Hathaway Corporation

Hathaway develops, markets and licenses affordable state-of-the-art enterprise applications for midsize to large enterprises within five Global Industry Groups; Healthcare industry, Telecom, Financial Services, Insurance and Retail. With our keen sense of industry trends, we are able to explore new niche markets and opportunities with minimal cost. Our initial target markets are Telecommunications and Financial Services industries. Hathaway Corporation, http://www.hathawayglobal.com/, is publicly traded on the OTC under the symbol HWYI with headquarters in St. Petersburg, Fla.

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:
    Hathaway Corporation, St. Petersburg
    Sam Talari
    817-812-2107
    Email Contact