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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (1561)	2/19/1999 3:42:00 PM
From: Dr. Seuss	Read Replies (1) \| Respond to of 19428

Can anyone tell me what the hell this means? It gave me a headache. If you read between the lines, it sounds like it says, "short the living bejeezes out of ABTE." Dr. Seuss Transaction PR Newswire, Friday, February 19, 1999 at 14:45 WEST PALM BEACH, Fla., Feb. 19 /PRNewswire/ -- Able Telecom Holding Corp. (NASDAQ:ABTE) reported today, in further explanation of its release Wednesday afternoon with respect to its 12% Senior Subordinated Notes (the "Notes") and its Series B Preferred Stock, that the Notes and a majority of the outstanding shares of Series B Preferred Stock have been purchased by a third party (the "Purchaser") from the original holders thereof. The original holders of the Series B Preferred Stock retained ownership of an aggregate of approximately 22% of the currently outstanding Series B Preferred Stock. Such original holders of the Series B Preferred Stock also retained ownership of all warrants to purchase common stock (the "Warrants") issued by Able in connection with the initial issuance of the Series B Preferred Stock. The funds used to purchase the Notes and Series B Preferred Stock were advanced to Able by one of its largest customers. Able then loaned the funds to the Purchaser. The loan by Able to the Purchaser and the advance to Able are each due on the earlier of October 31, 2000 or such date as the Purchaser receives funds, either in redemption of the Series B Preferred Stock, payment of the Notes or sale of such securities. In connection with the transfer of the Notes and the Series B Preferred Stock, the Purchaser and the remaining holders of the Series B Preferred Stock agreed to either waive all outstanding defaults under such securities or refrain from exercising any remedies with respect to any such outstanding defaults for a period of 90 days from February 17, 1999. During such period of time, Able has agreed to use its best efforts to have declared effective a registration statement covering the resale of shares of common stock underlying the Series B Preferred Stock and the related warrants. The Purchaser also agreed (i) not to exercise any default remedy until March 1, 2000, (ii) to extend the maturity date of the Notes until March 1, 2000 and (iii) to establish a floor conversion price of $8.25 for all shares of Series B Preferred Stock held by the Purchaser under all circumstances. In exchange for these additional agreements, Able agreed to reduce the conversion price of any Warrants subsequently purchased by the Purchaser from the current holders thereof upon such purchase to a price per share equal to not more than 85% of the closing price of Able common stock on the date prior to such purchase and, if less, to a price per share equal to such closing price minus $3.00. Further, in connection with the above-described transactions, the current conversion price of (i) Warrants to purchase a total of 375,000 shares of Able common stock has been reduced to $13.25 per share and (ii) of Warrants to purchase in aggregate of 625,000 of Able common stock has been reduced to $13.50 per share. 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 merging 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 attempting to leverage its fast-growth telecom heritage in the marketplace. 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. SOURCE Able Telecom Holding Corp. -0- 02/19/99 /CONTACT: Eskew and Associates, 561-681-4858, for Able Telecom Holding Corp./ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 003850/