WirelessDevNet.com Press Release
ERF Wireless Signs Multi-Million Dollar Letter of Intent to Sell a Portion of Non-Core Network Asset
ERF Wireless Inc. (OTCQB: ERFB), the operator of the nation's largest terrestrial wireless broadband network servicing the domestic oil and gas sector, today announce that it has signed and confirmed a multi-million dollar Letter of Intent with one of the nation's largest network operators that desired to obtain specific assets from the ERF Wireless family of businesses. These assets are neither fundamental to continued operations nor are they considered core to our overall business plan stated Dr. Dean Cubley, CEO of ERF Wireless, Inc. Dr. Cubley continued, "This asset divestiture allows us to use the proceeds for two distinct purposes. Foremost, we will use a portion of these proceeds to pay down some of the debt on our balance sheet that has historically been a detraction from the true value of ERF Wireless common stock. Second, a portion of these proceeds will be invested into expansion of our already successful Oil and Gas division to better serve this growing segment. This activity is expected to not impede our existing operations, customers, or employees, and be completed within the next fiscal quarter."
ERF Wireless CEO Dr. H. Dean Cubley stated, "In a previous press release on April 23, 2014, ERF Wireless announced a number of significant tasks that the company intended to complete in 2014 to grow the company and restore stockholder value. The announcement of the asset sale in this press release addresses the completion of one of these tasks as a necessary step toward a successful completion of our 2014 business objectives." The specific key objectives planned for 2014 that we are currently addressing and feel will be extremely beneficial to our shareholders include those noted below:
- Paying down and eliminating company debt to clean up the balance sheet to reduce interest and other capital costs.
- Continuation of our ongoing program to eliminate unnecessary cost and to improve operational efficiencies.
- Evaluation of the possible sale of certain of our wireless networks that are non-core to our oil and gas business for additional improvement of our balance sheet and for expansion of our oil and gas business.
- Possible mergers and/or acquisitions with other innovative technology companies to increase ERF Wireless revenues and cash flow.
- Attempt to complete the requirements for and obtain an up-listing to one of the national markets to improve stockholder value.
- Execute operations in all business segments with a plan to achieve cash flow positive and profitable operations in the year 2014.
About ERF Wireless Inc.
ERF Wireless Inc. (OTCQB: ERFB) is a fully reporting public corporation located in League City, Texas, and is the parent company of Energy Broadband Inc., ERF Enterprise Network Services, ERF Wireless Bundled Services, ERF Wireless Messaging Services and ERF Network Operations. The company specializes in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients on a regional, national and international basis. Its principals have been in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business for more than 40 years. For more information, please visit our websites at http://www.erfwireless.com/ and http://www.energybroadband.com/