SOURCE: Hathaway Corporation

May 03, 2006 08:31 ET

Hathaway Corporation Intends to Spin-Off Its First Subsidiary - OptiCon Systems, Inc.

Hathaway to File Registration Statement With Securities and Exchange Commission

ST. PETERSBURG, FL -- (MARKET WIRE) -- May 3, 2006 -- Hathaway Corporation (OTC: HWYI), a provider of global communications and telecommunications solutions, announced today that its Board of Directors has approved a dividend consisting of 100% of the stock of OptiCon Systems, Inc. of Dallas, Texas. The record date for determining the holders of Hathaway's common stock who will receive the dividend is to be determined. Hathaway's shareholders will receive one share of OptiCon Systems, Inc. common stock for every two shares of Hathaway common stock owned as of the record date.

By the end of May 2006, Hathaway plans to file a Registration Statement on Form SB-2 with the SEC. This registration will cover the spin-off distribution to Hathaway's non-affiliated stockholders. Simultaneously, a proposed market maker is expected to file for a trading symbol. OptiCon plans to file for a listing on the NASDAQ OTC Bulletin Board or Amex (depending on qualification) as soon as possible.

Paul Lisenby, acting CEO of Hathaway, said, "We are pleased to announce this next step in the process of implementing the spin-off, pro rata to all of our shareholders, of 100% of the common stock of OptiCon Systems, Inc. We believe that the spin-off makes logical progression of our corporate strategy for our shareholders, including enhancement of shareholder value, enabling OptiCon Systems to expand and maintain a superlative management team, greater liquidity, acquisitions, and greater access to public or private capital. OptiCon Systems provides fiber optic network management systems that currently run on over 70% of the major telecoms and cable companies here in the United States. Current users of OptiCon's software include Adelphia, Charter, Comcast, Comcast/AT&T, Cox, Time Warner, and BrightHouse.

About Hathaway Corporation

Hathaway Corporation acquires and develops undervalued companies that bring a shift in how communications are 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.

Contact Information

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