News Today
Post# of 177
Posted On: 09/17/2014 9:35:49 AM
ERF Wireless Completes Multi-Million Dollar Sale of the Majority of its Residential and Home Business Networks
LEAGUE CITY, TX(Eteligis Inc.)
LEAGUE CITY, TX, United States, via ETELIGIS INC., 09/17/2014 - - ERF Wireless Inc. (OTCQB: ERFB), a leading provider of enterprise-class wireless and broadband products and services, announced today that the Company has completed its sale of a majority of its Wireless Internet Service (WISP) networks providing wireless broadband Internet to residential and home business throughout large areas of Texas. Sale proceeds from this multi-million dollar sale will be utilized to retire existing debt, support ongoing operations and improve the ERF Wireless balance sheet. The specific terms of the sale were not disclosed but ERF Wireless and its subsidiary Energy Broadband will continue to have exclusive access to the networks that were sold for the purpose of supplying broadband Internet services to its oil and gas customers through a multi-year contract with the buyer. In addition ERF Wireless and Energy Broadband have retained and will continue to own and operate wireless broadband networks primarily serving oil and gas customers in the Eagle Ford Shale of South Texas, the West Texas oil and gas regions of the Permian Basin, as well as wireless broadband networks in portions of New Mexico, Oklahoma, Louisiana, and the western Texas Panhandle.
Dr. H. Dean Cubley stated, "The sale of our residential networks in Texas is an important first step in our overall list of business objectives for 2014 that we outlined in our August 14, 2014 press release. We plan to combine the proceeds of this sale with other financing that is being arranged to completely upgrade the ERF Wireless balance sheet over the remainder of 2014. We will also seek to complete one or more acquisitions in 2014 of other compatible companies in our industry using the third party acquisition financing announced in our press release on April 30, 2014."
LEAGUE CITY, TX(Eteligis Inc.)
LEAGUE CITY, TX, United States, via ETELIGIS INC., 09/17/2014 - - ERF Wireless Inc. (OTCQB: ERFB), a leading provider of enterprise-class wireless and broadband products and services, announced today that the Company has completed its sale of a majority of its Wireless Internet Service (WISP) networks providing wireless broadband Internet to residential and home business throughout large areas of Texas. Sale proceeds from this multi-million dollar sale will be utilized to retire existing debt, support ongoing operations and improve the ERF Wireless balance sheet. The specific terms of the sale were not disclosed but ERF Wireless and its subsidiary Energy Broadband will continue to have exclusive access to the networks that were sold for the purpose of supplying broadband Internet services to its oil and gas customers through a multi-year contract with the buyer. In addition ERF Wireless and Energy Broadband have retained and will continue to own and operate wireless broadband networks primarily serving oil and gas customers in the Eagle Ford Shale of South Texas, the West Texas oil and gas regions of the Permian Basin, as well as wireless broadband networks in portions of New Mexico, Oklahoma, Louisiana, and the western Texas Panhandle.
Dr. H. Dean Cubley stated, "The sale of our residential networks in Texas is an important first step in our overall list of business objectives for 2014 that we outlined in our August 14, 2014 press release. We plan to combine the proceeds of this sale with other financing that is being arranged to completely upgrade the ERF Wireless balance sheet over the remainder of 2014. We will also seek to complete one or more acquisitions in 2014 of other compatible companies in our industry using the third party acquisition financing announced in our press release on April 30, 2014."
(0)
(0)