St. Petersburg, FL (PRWEB) August 5, 2005
Hathaway Corporation (Other OTC:HWYI.PK - News), a leading global provider of communications and telecommunications software, today announced the completion of the acquisition of OptiCon Systems Inc., a business unit of Corning®.
The OptiCon Systems software, developed, patented and sold by Corning for Fiber Optic Management, is currently in use by Comcast®, Charter®, Adelphia® and Time Warner®, as well as several other major cable and telephone companies throughout the U.S. These companies now become Hathaway clients.
Sam Talari, acting CEO of Hathaway Corporation, stated, "We are extremely excited about this acquisition of OptiCon Systems Inc. We've gone through twelve months of extensive due diligence on OptiCon, ensuring its patents, management, market opportunity and customer lists were validated."
Mr. Talari further states, "With the Fiber-to-Home initiative by all major cable and telecom companies expanding at a rapid pace, the OptiCon management system will undoubtedly become a necessity for these companies to manage their services in the most effective and efficient way. OptiCon is currently deployed by seven of the 10 major cable and telecom providers, and this acquisition will have a significant impact on our revenues for the next five years. Hathaway will immediately begin the process for listing on the NASDAQ Small Cap Market."
About Hathaway Corporation:
Hathaway Corporation develops and acquires undervalued companies that bring a shift in how communications is 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.
About OptiCon Systems Inc.:
OptiCon Systems was initially developed and patented by Corning and sold to their customers throughout the U.S. Corning spent millions of dollars and over seven years developing the Fiber Optic Management System currently used by OptiCon and run on over 70 percent of the major telecoms and cable companies here in the United States. Current clients include Adelphia, Charter, Comcast, Comcast/AT&T, Cox, Time Warner, and BrightHouse.
The OSS software marketplace reached $11.1 billion worldwide in 2003 and is expected to grow to $16.2 billion worldwide by 2007. North America enjoys 60 percent of the marketplace at $6.6 billion. With its current position as the market leader, OptiCon will an opportunity to capture most of the forecasted market size.
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.
Hathaway Corporation, St. Petersburg, Florida