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Hathaway Corporation Receives $84 Million Dollar Fair Market Valuation on OptiCon Systems Inc.
Hathaway Corporation Receives $84 Million Dollar Fair Market Valuation on OptiCon Systems Inc..
About this update from Futureworld Corp
[{"type":"text","content":"May 12, 2006 4:00 PM ET\r\n\r\nST. PETERSBURG, FL, May 12, 2006 Hathaway Corporation (OTC: HWYI-News), is pleased to announce that the company's subsidiary, OptiCon Systems Inc., has been evaluated by an independent valuation firm and has received a Fair Market Value of $84 million dollars. \r\n\r\nThe purpose of this valuation was to provide an opinion of Fair Market Value of our subsidiary, OptiCon Systems Inc., as of March 31, 2006, for SEC audit requirement for our SB2 filing with Securities & Exchange Commission. The results of the valuation will be used for financial reporting purposes only. Initially, due to contractual constraints, copies of the valuation report will only be available to the SEC auditors. We are also in the process of business valuation for DDI (Diabetics Detection Inc.). \r\n\r\nThe valuation was based on several key factors to include (i) public market comparable analysis, which involved analyzing market multiples of publicly-traded companies that possess similar business risks and returns; and (ii) a discounted cash flow analysis, which involved developing future cash flow projections and determining their present value.\r\n\r\n\"The valuation process took some time and we're pleased that the number reflects the true value of our subsidiary OptiCon Systems Inc.\" stated Mr. Paul D. Lisenby, Acting CEO of Hathaway. Mr. Lisenby also adds, \"Our decision to spin off OptiCon, with it's current business valuation, will insure the company continues to gain interest from institutional investors as we progress in executing our business plan. Our goal is to insure OptiCon will be the leading provider of fiber optic management for global companies in the communications industries.\" \r\n\r\nAbout Hathaway Corporation \t\r\nHathaway Corporation develops and acquires undervalued companies that bring a shift in how communications are delivered and serviced globally. Hathaway continues to seek out and capitalize on emerging technologies. Their first acquisition, OptiCon Systems, was first developed by Corning and sold to their customers. Corning spent millions of dollars and over seven years developing the Fiber Optic Management System currently marketed and sold by OptiCon Systems Inc. OptiCon serves over 70% of the global 500 companies such as Adelphia, Charter, Comcast, Comcast/AT&T, Cox, Time Warner, and Bright...