OptiCon Systems to raise up to $30 million in private placement of stock

By Sheri Kasprzak

New York, Dec. 19 - OptiCon Systems Inc., a subsidiary of Hathaway Corp., intends to raise up to $30 million in a private placement.

Bentley Securities is the placement agent for the offering, the terms of which have not yet been determined.

"The capital will allow us to rapidly complete our suite of fiber management solutions and will give us the ability to hit our target goals of $3 million in revenue for next year, $50 million in 2007 and $125 million in 2008," said OptiCon chief executive officer John Batton in a statement.

Proceeds will be used for sales and marketing on the company's R3 fiber optic management system and for the development of its R4 system.

Based in St. Petersburg, Fla., Hathaway develops and acquires communications companies. OptiCon develops fiber optics management systems.

The offering was announced early Monday. Ahead of the announcement, Hathaway's stock closed unchanged at $0.50 on Friday.

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