Hathaway Corporation Receives $84 Million Fair Market Valuation on OptiCon Systems Inc.
Hathaway Corporation (Pink Sheets: HWYI message board, news, dd, quote) 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.
The 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 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 independent certified auditors. We are also in the process of business valuation for DDI (Diabetics Detection Inc.).
The 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.
"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 its 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."
About Hathaway Corporation
Hathaway 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 BrightHouse. Through Companies like OptiCon, Hathaway brings the communication solutions of the future to today's business marketplace. To request further information about Hathaway, please email us at investors@hathawayglobal.com.
Safe Harbor
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.
