Able admits receiving redemption notice.

Yesterday, Able Telcom Holding Corp. (SYMBOL: ABTE) (Price: $10.0625) disclosed that its Preferred holders had demanded that the company redeem their shares. Able had earlier claimed it had not received “any notice from any of the holders” to redeem their shares, and never disclosed further information. The Preferred holders have apparently given Interfiducia until February 8, 1999 to purchase their shares but have reserved their right to demand redemption thereafter. The Preferred holders are entitled to immediate repayment of their principal plus accrued interest, 3% per month penalty fees, and a 30% premium for failure to comply with the Preferred agreement.

Able claims it has been advised that Interfiducia intends to buy the Preferred “within the next few weeks.” This statement conflicts with the February 8, 1999 deadline, which is next Monday. Able has failed to provide any information to support Interfiducia’s credibility. On the contrary, all known facts indicate Interfiducia does not have any proprietary, discretionary or agency capacity to fund the purchase of the Preferred or Notes.

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