DENVER--(BUSINESS WIRE)--Nov. 19, 2002--Hathaway Corporation (Nasdaq:HATH) today announced it has changed its name to Allied Motion Technologies, Inc.

Effective with the market open on Wednesday, November 20, 2002, the Company will begin trading under the NASDAQ Symbol AMOT.

The name change was necessary in connection with the sale of the Company's power and process business, which was effective July 29, 2002. The buyers of the business purchased the exclusive right to use the Hathaway name in association with the products purchased. Following the sale, the Company is now engaged exclusively in the Motion Control Business and the new name, Allied Motion Technologies, Inc., reflects the change in the Company's business. The Company's individual operations will continue to do business under the existing brand names and the names that are recognized by our employees, customers and suppliers: Computer Optical Products, Emoteq, Motors & Instruments, and Motor Products.

In conjunction with the change in business, the Company developed a new corporate strategy whereby it defined the driving force of the Company to be "Technology/Know How" and defined the critical issues to focus on to accomplish its new corporate strategy. The Company's objective from implementing the defined critical issues is to achieve consistent year-to-year improvements in operating profits. As a supplement to internal growth, the Company continues to be in active discussions with other companies in pursuing strategic acquisitions to both provide external growth and to strengthen its technology base.

Dick Smith, Chief Executive Officer, commented: "We are excited to focus our future efforts on expanding the Company's motion control business under the new name of Allied Motion Technologies, Inc. and have already made significant progress in the transformation of our company and the building of a significant platform within the motion control marketplace." "We continue to pursue new acquisition opportunities," Mr. Smith continued, "as well as the implementation of lean manufacturing initiatives to improve the performance within all of our existing operations."

Headquartered in Denver, Colorado, Allied Motion, formerly Hathaway, designs, manufactures and sells motion control products into applications that serve many industry sectors. With subsidiaries in the United States and United Kingdom, Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.

The statements in this press release that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include international, national and local general business and economic conditions in the Company's motion control business, introduction of new motion control technologies, products and competitors, the ability to protect the Company's intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, the continued viability of the Company's motion control customers and their ability to adapt to changing technology and product demand, the ability of the Company to meet the changing technical specifications of its customers, increased competition and changes in competitor responses to the Company's products and services, the ability of the Company to accurately project the critical issues of the motion control business and to adapt its product lines to meet changing requirements and increase the market for its product lines; the ability of the Company to manufacture new products at costs that will enable the Company to market its products in quantities and at prices that will yield operating profits; the ability of the Company's lenders and financial institutions to provide additional funds if needed for operations or for making future acquisitions that will strengthen the Company's product lines; the ability to attract and retain qualified personnel who can analyze the existing market and need for change and design improvements and new applications and products for the motion control industry. The Company's ability to compete in this market depends upon its capacity to anticipate the need for new products, and to continue to design and market those products to meet changing customers' needs in a competitive world; the ability of the Company to streamline and modify manufacturing methods to reduce costs to enable the Company to maintain its market share of existing products and favorably market new products to realize acceptable profit margins; actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward-looking statements, whether as a result of new information, future events, or otherwise.

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