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Technology Stocks : Able Telecom (ABTE) -- Ignore unavailable to you. Want to Upgrade?

To: biodoc who wrote (579)	3/2/1999 4:08:00 PM
From: david james	Read Replies (2) \| Respond to of 700

Able Telcom Terminates American Traffic Systems WEST PALM BEACH, Fla., March 2 /PRNewswire/ -- Able Telcom Holding Corp. (Nasdaq: ABTE) by notice sent on Friday 26, 1999, to MFS Transportation Systems, Inc. ("MFS") terminated its Agreement with American Traffic Systems, Inc. ("ATS"). The notice was received and signed for at ATS's office in Scottsdale, Arizona at 2:34 p.m. (local time, Arizona) on Monday, March 1, 1999. By fax sent at 4:11 p.m. (local time, Arizona), after they had received the notice of termination from MFS, ATS purported to terminate the Agreement. The Agreement was entered into on September 4, 1998 and required ATS to deliver the software required to operate the Violations Processing Center ("VPC") for the New Jersey Consortium no later than November 11, 1998. ATS failed to meet that deadline. ATS subsequently failed to meet extended deadlines of December 5, 1998, December 23, 1998 and January 15, 1999. MFS concluded, after reviewing the matter internally and after engaging the services of a third party to carry out a further review, that the ATS software was of poor quality and far from complete. MFS also concluded that ATS was unlikely to meet the scheduled delivery date of March 31, 1999. Accordingly, MFS terminated the Agreement for cause. MFS's concern about both the ATS software and ATS's performance prompted MFS to initiate a parallel development in-house, independent of ATS. The newly developed software has been in progress since December 1998 and is now considerably advanced. MFS is confident that it will meet the March 31, 1999 date.