And Able seems to be armed and ready this time.....
(and nice to have a group like Fidelity standing behind them)
Friday January 8, 4:58 pm Eastern Time
Company Press Release
SOURCE: Able Telcom Holding Corp.
Able Telcom Holding Corp. Responds To Asensio &
Company Press Release
WEST PALM BEACH, Fla., Jan. 8 /PRNewswire/ -- This press release is being issued by Able Telcom Holding Corp. (Nasdaq: ABTE - news) in response to a press release issued by Asensio & Company, an unaffiliated investment firm:
Able acknowledged that MFS Network Technologies, Inc. (''MFSNT''), a subsidiary, received a default notification from a consortium led by the New Jersey Turnpike Authority (''NJC'') as of December 23, 1998, due to the Violation Processing Center (VPC) not meeting certain
specifications, which default is required to be remedied by January 15, 1999, in order avoid any further penalties.
The VPC is being established in connection with an E-ZPass System being implemented by the NJC for use throughout the New Jersey Turnpike System. MFSNT and the NJC have been working together to identify the business rules required to meet the specifications required by the various authorities. Certain of the business rules have changed during the course of the project, which commenced in November 1998, and these changes in the rules have required modifications to the VPC software, in order to allow the VPC to become fully operational.
According to a certain state official, the delay is not a major setback in the E-ZPass System, the default is technical in nature and MFSNT still has the ability to do the job.
''Receipt of default letters is not uncommon in the transportation industry,'' stated Curtis A. Dale, Chief Operating Officer of Able. ''Default letters are used to send a strong message for areas that need attention. Able has been actively working with the NJC to cure the technical default no later than January 15, 1999.''
MFSNT, working with the NJC, believes it will meet the January 15, 1999 deadline. MFSNT has been working with American Traffic System
(ATS), the subcontractor responsible for the VPC software, to complete the final internal testing. The internal testing is expected to be completed the upcoming weekend and final testing is scheduled to be completed January 15, 1999.
On November 11, 1998, three of the four major milestones required by the project were completed by MFSNT and accepted by the NJC. These
include the opening of the E-ZPass systems by the Delaware Department of Transportation, by the Atlantic City Expressway, and the opening of the NJC Customer Service Center.
Statements about the Company's future expectations, including without limitation, future revenues and earnings, plans and objectives for future operations, future agreements, future economic performance; operations and all other 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 forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties, including but not limited to economic, competitive, governmental, meteorological, contractual, and technological factors affecting the Company's operations, markets and profitability, the Company's
actual results could differ materially from expected results.
SOURCE: Able Telcom Holding Corp. biz.yahoo.com |
