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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 30, 1998
ABLE TELCOM HOLDING CORP.
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(Exact name of registrant as specified in its charter)
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FLORIDA 0-21986 65-0013218
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(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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1601 FORUM PLACE, SUITE 1110, WEST PALM BEACH, FLORIDA 33401
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (561) 688-0400
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(Former Name or Former Address, if Changed Since Last Report)
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ABLE TELCOM HOLDING CORP.
FORM 8-K
CURRENT REPORT
ITEM 5. OTHER EVENTS
(a) RELATED-PARTY TRANSACTION
In November 1997, a subsidiary of Able Telcom Holding Corp. (the
"Company") assumed the obligations of Ten-Ray Utility Construction, Inc.
("Ten-Ray"), a North Carolina corporation, as contractor under two network
construction contracts and paid the costs Ten-Ray had accrued under the
contracts of approximately $131,000. On January 30, 1998, the Company purchased
from Ten-Ray certain construction equipment used in connection with the
contracts. The purchase price for the equipment was the satisfaction of
Ten-Ray's bank loans secured by the equipment in the amount of $330,188,
including principal and interest, which in the opinion of the executives of the
subsidiary was not more than the fair market value of the equipment. Billy V.
Ray, Jr., then the Company's Chief Financial Officer, beneficially owned
approximately 7.7% of the voting stock of Ten-Ray and had personally guaranteed
the equipment loans to the bank.
(b) SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934, as amended,
requires the Company's directors, executive officers, and persons owning more
than 10% of the Company's common stock to file initial reports of ownership and
reports of changes in ownership with the Securities and Exchange Commission.
Based on its review of the copies of such reports received by it, and in
addition to the delinquent filings reported in Amendment No. 1 to the Company's
Proxy Statement, as filed with the Commission on March 20, 1998 (File No.
0-21986), Billy V. Ray, Jr. failed to file a Form 3 Statement of Initial
Beneficial Ownership after becoming Chief Financial Officer of the Company on
June 12, 1997. Mr. Ray is no longer an officer of the Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ABLE TELCOM HOLDING CORP.
Date: 5/27/98 By: /s/ Frazier L. Gaines
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Frazier L. Gaines
President and Chief Executive Officer
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