COMTEX) B: ABLE TELCOM HOLDING CORP. ANNOUNCES MFSNT TO CONTINUE AS
B: ABLE TELCOM HOLDING CORP. ANNOUNCES MFSNT TO CONTINUE AS PRIME CONTRACTOR ON
E-ZPass Project
Evaluation and Testing to Continue for Violation Processing Center
WEST PALM BEACH, Fla., April 13 /PRNewswire/ -- Able Telcom Holding
Corp. (Nasdaq: ABTE) today announced that MFSNT's E-ZPass contract
remains in force with the Regional Consortium for Electronic Toll
Collection, with MFSNT as the prime contractor. During meetings last
week, MFSNT, Able's wholly owned subsidiary, satisfied Consortium
concerns regarding the financial and human resources required to
complete the Violation Processing Center (VPC), a component of the
E-ZPass contract. Evaluation, development, implementation and testing
of the VPC portion of the project will continue with the goal of being
operational by mid-July of 1999.
A signed agreement from last week's meetings establishes a schedule
both for achieving operational capability and for final acceptance of
the VPC under the contract between the Regional Consortium and MFSNT.
In connection with the VPC, MFSNT has reached an agreement with
TransCore, a company with extensive experience in toll collection
systems, to provide complementary management and technical personnel
support to MFSNT to facilitate its performance of the contract.
In addition to establishing the schedule described above, the agreement
confirms the financial and other support to be provided by Able to
MFSNT, including the commitment by Able to devote the $15 million
advance available to it from MCI/WorldCom solely to support MFSNT in
its performance of the contract and the deferral and waiver by MFSNT of
certain fees payable with respect to the VPC.
When the VPC becomes operational, the Regional Consortium has agreed to
rescind the default letter of December 29, 1998 and to discontinue
MFSNT's obligation to pay the Regional Consortium $25,000 per day in
compensation for lost violations and toll revenue under the previously
disclosed agreement of January 21, 1999, which continues in effect.
Vance Cartee, President of MFSNT, stated, "We are pleased to have
reached an agreement with the Regional Consortium that will permit both
parties to work together to complete the project. We welcome TransCore
to the team, and we appreciate the continued financial support of our
parent."
Able Telcom is a leading international telecommunications systems
integrator, project developer and facilities manager of innovative,
large- scale, facilities-based fiber optic and other communications
networks for a range of customers including emerging telecom service
providers, entrepreneurial Internet Service Providers, and many of the
world's largest telecommunications companies. Able's wholly owned
subsidiary MFS Network Technologies, Inc. (MFSNT), develops, integrates
and manages advanced intelligent transportation systems which include
automated toll collection systems and electronic traffic management and
control systems. MFSNT is an outgrowth of Peter Kiewit Son's, Inc.,
one of the most respected names in the telecom construction industry.
It was acquired by Able from MCI/WorldCom, Inc., which remains one of
Able's significant customers.
To receive Able Telcom's latest news release and other corporate
documents via fax, at no cost, dial 1-800-PRO-INFO; use the Company's
symbol ABTE. Or visit The Financial Relations Board's web site at
www.frbinc.com.
Certain matters discussed in this press release may constitute
forward- looking statements within the meaning of the federal
securities laws. Able Telcom's actual results could differ materially
from those anticipated in such forward-looking statements as a result
of certain factors, including those detailed from time to time in the
Company's reports and filings with the Securities and Exchange
Commission. The Company does not undertake to revise, and specifically
disclaims any obligation, to publicly release the result of any
revisions which may be made to any forward looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
SOURCE Able Telcom Holding Corp.
-0- 04/13/99 /CONTACT: Edward Pollock,
General Counsel of Able Telcom Holding Corp., 561-688-0400; or General
Info, Michael Lawson, Analyst Info, Jordan Darrow, or Media Info, Alan
Goldsand, of The Financial Relations Board, 212-661-8030/
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