According to Bloomberg, Vangard recently purchased another 44,800 shares to bring their total to over 143,000 shares
Friday January 29, 9:44 am Eastern Time
Company Press Release
SOURCE: Able Telcom Holding Corp.
Able Telcom Reaches Agreement With Convertible
Preferred Series B Stock Holders
WEST PALM BEACH, Fla., Jan. 29 /PRNewswire/ -- Able Telcom Holding Corp. (Nasdaq: ABTE - news) reported today that Interfiducia
Partners LLC has agreed to purchase from The Palladin Group, L.P. and its affiliates, customers and clients, 1,764 shares of Series B Convertible
Preferred Stock, subject to execution of acceptable documentation. Separately, Able reports that Interfiducia Partners has agreed to purchase from
Rose Glen Capital Management, LP and its affiliates (''RGC''), subject to execution of mutually acceptable documentation, all unconverted Series B
Convertible Preferred Stock held by RGC. The Palladin and Rose Glen agreements had been the subject of much publicity by suspected short-sellers
such as Manuel Asensio, who for months has engaged in a desperate campaign to disparage Able and its management to further his own financial
interests.
Able's Chief Executive Officer, Billy Ray, remarked that the agreements with Palladin and RGC, when finalized, should serve to strengthen and to
stabilize the Company. ''These agreements are one more step in the right direction. Now, we can turn our attention to finalizing earnings, which I
expect will be announced next week.'' Able's delay in announcing earnings is attributed by management to the time spent negotiating the Palladin
and RGC agreements this week.
Earlier in the week Able reported that Interfiducia Partners has agreed to purchase all of its 12% Senior Subordinate Notes from John Hancock
Mutual Life Insurance Company and its affiliates subject to mutually acceptable documentation.
Forward Looking Statements
This document contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about the Company's
business, management's beliefs and assumptions made by management. In addition, other written or oral statements which constitute
forward-looking statements may be made by or on behalf of the Company. Words such a ''expects,'' ''anticipates,'' ''intends,'' ''plans,''
''believes,'' ''seeks,'' ''estimates,'' variations of such words and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, (''Future Factors'') which are
difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking
statements. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information,
future events or otherwise.
Future Factors include increasing price and product/services competition by foreign and domestic competitors, including new entrants; rapid
technological developments and changes and the Company's ability to continue to introduce competitive new products/services on a timely,
cost-effective basis; the mix of products/services; the achievement of lower costs and expenses; the outcome and impact of Year 2000 issues;
resolution of liquidity and accounting issues by the Company, restructuring debt and other obligations of the Company, domestic and foreign
governmental and public policy changes which may affect the level of new investments and purchases made by customers; changes in environmental
and other domestic and foreign governmental regulations; protection and validity of patent and other intellectual property rights; reliance on large
customers -- technological, implementation and cost/financial risks in the increasing use of large, multi-year contracts; the cyclical nature of the
Company's business; the outcome of pending and future litigation and governmental proceedings and continued financial instruments and financial
resources in the amounts, successful restructuring of agreements between the Company and third parties, at the times and on the terms required to
support the Company's future business. These are representative of the Future Factors that could affect the outcome of the forward-looking
statements. In addition, such statements would be affected by general industry and market conditions and growth rates, general domestic and
international economic conditions including interest rate and currency exchange rate fluctuations and other Future Factors.
For a further description of Future factors that could cause actual results to differ materially from such forward-looking statements, see the additional
Future Factors and Cautionary Statements contained in the Company's public filings, both quarterly and annual.
Able is a leading international telecommunications systems integrator, project developer and facilities manager of innovative, large-scale,
facilities-based fiber-optic and other communications networks. The Company's customers include 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) is leveraging its fast-growth telecom heritage in the market place. MFSNT is an outgrowth of Peter Kiewit
Son's, Inc. one of the most respected names in the construction industry. It was acquired by Able from MCI/WorldCom, Inc. one of the world's
most innovative telecommunications companies, which remains one of Able's significant customers. |
