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Hathaway Corporation Completes LOI to Purchase 100% of OptiCon Systems Inc.
Hathaway Corporation Completes LOI to Purchase 100% of OptiCon Systems Inc..
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[{"type":"text","content":"Thursday July 13, 9:30 am ET \r\n\r\nST. PETERSBURG, Florida - Thursday July 13, 9:30 am ET - Hathaway Corporation (Pink Sheets: HWYI - News), 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.\r\n\r\nSam 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 Systems 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.\"\r\n\r\nAbout Hathaway Corporation \r\n\r\nHathaway 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 company on the OTC under the symbol HWYI with headquarters in St. Petersburg, Florida, and offices in Dallas and Long beach CA. You can contact the company at \r\ninfo@ hathawayglobal.com.\r\n \r\nMarket Opportunity \r\n\r\nOptiCon is a Fiber Optic Network Management system 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.\r\n\r\nThis press release may contain forward-looking ...