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HATHAWAY REFINANCES DEBT; $300,000 ANNUAL SAVINGS

 WESTMINSTER, Colo., Aug. 12 /PRNewswire/ -- Hathaway Corp. (NASDAQ: HATH) announced today it has refinanced $6,800,000 in debt from its existing long-term debt.
 "We are taking advantage of the exceptionally low interest rates available," explained Gene Prince, chief executive officer of Hathaway. "Because it strengthens our balance sheet and substantially reduces interest costs, we believe that refinancing was a necessary step in enhancing shareowner value.
 "We expect to save more than $300,000 in interest expense annually from the refinancing. The new loan, which is for $7,000,000 over a seven-year period, will cost just 1 percent over prime rate, compared to the previous loan, originally for $10,000,000 over a ten-year term, at a 12 percent fixed interest rate," Prince said.
 Hathaway recently announced it has signed a letter of intent to sell its software accounting subsidiary, Global Software Inc. to the senior management of Global for an undisclosed amount. The sale is subject to approval by Hathaway shareowners, Hathaway obtaining a fairness opinion supporting the purchase price and the buyer securing financing. The company hopes to close the sale by the end of this calendar year.
 Based in Westminster, Hathaway is the world's leading manufacturer of electric power fault recording equipment.
 -0- 8/12/93
 /CONTACT: Wayne Brown of Carl Thompson Associates, 303-494-5472/
 (HATH)


CO: Hathaway Corp. ST: Colorado IN: CPR SU:

BB -- DV004 -- 2145 08/12/93 13:25 EDT
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Date:Aug 12, 1993
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