SOURCE: Hathaway Corporation

July 13, 2005 12:05 ET

Hathaway Corporation Signs LOI to Purchase 100% of OptiCon Systems Inc.

ST. PETERSBURG, FA -- (MARKET WIRE) -- July 13, 2005 -- Hathaway Corporation (OTC: HWYI), a leading provider of communications and OSS software for the telecommunications industry, today announced that the Company has signed a Letter of Intent to acquire 100% of OptiCon Systems for $42,000,000. The acquisition should be completed by the end of July 2005. Information on the acquisition, including OptiCon's business plan and its proprietary technology and its original patent holders, should be available to all Hathaway investors.

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 system that currently runs on over 70% of the major telecoms in the United States such as Adelphia, Charter, Comcast, Comcast/AT&T, Cox, Time Warner, & BrightHouse. OptiCon was developed by a major Fortune 100 company. The completion of this acquisition will have a significant positive effect on our revenues for 2005."

Market Opportunity

OptiCon is a Fiber Optic Network Management system that is used by 7 out of 10 major cable and telecommunications companies. 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.

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
    Email Contact