Friday September 11, 7:02 am Eastern Time
Company Press Release
Able Telcom and WorldCom Conclude Financing Terms of
MFS Transaction
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 11, 1998--Able Telcom Holding Corp. (NASDAQ:ABTE - news) announced today
that it has concluded the financing terms for the acquisition of MFS Network Technologies from WorldCom Inc.
Under the terms of the agreement, Able will issue a replacement note to WorldCom in the amount of $30 million. The note will accrue
interest at 11.5 percent and matures on December 15, 2000.
Additional details of this transaction will be made available in forthcoming filings with the Securities and Exchange Commission.
''Able has completed this transaction on terms which we believe are fair and equitable to both parties and will facilitate our organizations
moving forward together. We are fortunate to have a relationship with a company of the caliber of WorldCom,'' said Frazier Gaines,
president and CEO of Able Telcom Holdings Corp.
Able Telcom Holding Corporation provides design, installation, maintenance and systems integration services for advanced voice, data
and video communications networks throughout the United States and internationally, primarily in Latin America.
Statements about the company's future expectations, including future revenue and earnings, and all other financial statements in this
press release other than historical facts are ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The
company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements (future
operational results and sales) involve risks and uncertainties, including but not limited to economic, competitive, governmental and
technological factors affecting the company's operations, markets and profitability, the company's actual results could differ materially
from expected results.
Contact:
Eskew & Associates
Scott Eskew
561/681-4858 |
