SOURCE: Hathaway Corporation

September 17, 2007 06:31 ET

Hathaway (HWYI) Proposes Spin-Off of Its Second Subsidiary Diabetes Detection, Inc. (DDI)

Hathaway to Unlock Shareholder Value With DDI Spin-Off

ST. PETERSBURG, FL--(Marketwire - September 17, 2007) - Hathaway Corporation (PINKSHEETS: HWYI), a company that focuses on acquiring, developing, and managing disruptive technologies in the telecommunications, medical devices and software fields, announced today that Paul Lisenby, the Chairman and Chief Executive Officer of the Company, proposed to the board of directors, that the Company's equity interest in DDI, its second subsidiary, be spun-off, pro rata, to all of the Company's public shareholders as of a record date to be established (the "Spin-Off").

Management's proposal of the Spin-Off requires the process to be reviewed and considered by the Board of Directors. A registration statement will only be filed if DDI could not attract any funds on the private equity market as a private company. The proposed Spin-Off is to attract private or public equity up to $50M in 48 months. DDI's status as a private or a public company will be determined solely by the interested equity investors.

Paul Lisenby, Chairman and CEO of the Company, indicated as follows:

"After the successful spin-off of our first subsidiary, OptiCon Systems, Inc., we have also decided to propose to Board of Directors that the Company spin-off its equity interest in its rapidly growing subsidiary, DDI, pro rata, to all of the Company's shareholders as of a record date yet to be established. We believe that there are many business purposes for such a spin-off, including the overall unlocking of shareholder value (much like unlocking $84M in shareholder value with the spin-off of OptiCon), thus enabling DDI to attract and maintain a superlative management team with equity-related incentives, greater liquidity, acquisitions, greater access to public or private capital, including debt and equity."

About Hathaway

Hathaway Global Inc. 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

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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.

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