Exhibit 99.2

                                                            Hathaway Corporation
[Hathaway Logo]                                          8228 Park Meadows Drive
                                                       Littleton, Colorado 80124
                                                             Phone: 303 799-8200
                                                               Fax: 303 799-8880


PRESS RELEASE

                                       RELEASE:  MAY 21, 2002
                                       CONTACT:  RICHARD SMITH OR SUE CHIARMONTE
FOR IMMEDIATE RELEASE               STOCK SYMBOL: HATH (NASDAQ-SMALL CAP MARKET)

                         HATHAWAY APPOINTS NEW PRESIDENT
                         AND REPORTS NEW GROWTH STRATEGY

DENVER, COLORADO -- Hathaway Corporation (NASDAQ: HATH) announced it has hired
Mr. Richard Warzala as the President of the Company. Mr. Richard Smith will
continue as the CEO and CFO as well as a member of the Board of Directors. Dick
Warzala has over 20 years experience in the motion control industry with his
most recent experience as President of the Motion Components Group for Danaher
Corporation. Prior to that, he was the President of API Motion Inc. where he
grew the motion control business from a $12 million revenue business to a $165
million business at the time it was acquired by Danaher.

"We believe there is an excellent opportunity for the Company to expand its
motion control business through acquisitions as well as through internal
growth," commented Dick Smith, President and CEO of Hathaway. "Dick Warzala
brings to the Company the knowledge of the products and markets of the motion
control industry as well as the experience of having built a motion control
business through strong internal growth and acquisitions. The motion control
market is a very large and growing market that is highly fragmented which
provides excellent growth opportunities under our new strategy. Our motion
control business has been profitable in the past and, while it has recently been
adversely affected by the economic downturn, should continue to be a profitable
and growing business in the future. We plan to aggressively pursue acquisition
opportunities as well as focus on growing our existing motion control business.
We believe this strategy provides an excellent opportunity to maximize our
profits in both the short and long-term. With Mr. Warzala working with the
existing management team at Hathaway, we believe we are prepared to meet the new
challenges and opportunities of this new strategy," Mr. Smith stated.

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


                               (Continued on back)


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, process and
power utilities markets, introduction of new technologies, success in making
acquisition of motion control businesses, 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
success of the Company's customers to allow the Company to realize revenues from
its order backlog and to support the Company's expected delivery schedules, the
ability of the Company to meet the technical specifications of its Motion
Control customers, the continued availability of parts and components, increased
competition and changes in competitor responses to the Company's products and
services, changes in government regulations and the ability to attract and
retain qualified personnel. 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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