8K out on the arbitration. http://www.otcmarke
Post# of 177
Posted On: 09/11/2013 8:48:35 PM
8K out on the arbitration.
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9504292
ITEM 8.01 OTHER EVENT
On January 13, 2009, ERF Wireless entered into exclusive reseller agreements with Schlumberger Technology Corporation and Schlumberger Canada Limited (“Schlumberger”) for all of North America. The contracts completed their three year initial terms in January 2012. During the fourth quarter of 2010, ERF Wireless initiated a contractual mediation with Schlumberger to attempt to resolve various financial issues in the reseller agreements. Mediation was unsuccessful, and in 2011 ERF Wireless availed itself of the right to submit a claim against Schlumberger Technology Corporation in binding arbitration as mandated in the parties’ reseller agreement. The hearings and other associated formal submittals of this arbitration were completed in June 2013 and a ruling by the three members of the arbitration panel which is the final phase of the arbitration process is being announced by this SEC Form 8-K as of September 11, 2013. The ruling of the arbitrators is that no award will be made to ERF Wireless and that each party will be responsible for their own legal expenses and one-half of the arbitrator fees. In the case of ERF Wireless, all expenses associated with the arbitration have already been reported in prior SEC 10-K and 10-Q filings and no additional expenses will be incurred.
http://www.otcmarkets.com/edgar/GetFilingHtml...ID=9504292
ITEM 8.01 OTHER EVENT
On January 13, 2009, ERF Wireless entered into exclusive reseller agreements with Schlumberger Technology Corporation and Schlumberger Canada Limited (“Schlumberger”) for all of North America. The contracts completed their three year initial terms in January 2012. During the fourth quarter of 2010, ERF Wireless initiated a contractual mediation with Schlumberger to attempt to resolve various financial issues in the reseller agreements. Mediation was unsuccessful, and in 2011 ERF Wireless availed itself of the right to submit a claim against Schlumberger Technology Corporation in binding arbitration as mandated in the parties’ reseller agreement. The hearings and other associated formal submittals of this arbitration were completed in June 2013 and a ruling by the three members of the arbitration panel which is the final phase of the arbitration process is being announced by this SEC Form 8-K as of September 11, 2013. The ruling of the arbitrators is that no award will be made to ERF Wireless and that each party will be responsible for their own legal expenses and one-half of the arbitrator fees. In the case of ERF Wireless, all expenses associated with the arbitration have already been reported in prior SEC 10-K and 10-Q filings and no additional expenses will be incurred.
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