LEAGUE CITY, Texas, Sept. 12, 2013 (GLOBE NEWSWIRE) -- ERF Wireless (OTCBB:ERFB), the operator of the nation's largest terrestrial wireless broadband network servicing the domestic oil and gas sector, announced today that, based on very preliminary revenue estimates for the quarter ending September 30, 2013, coupled with a steadily increasing number of oil and gas rigs being serviced by its Energy Broadband subsidiary, the company anticipates meaningful improvement in its overall revenue growth of approximately 20% for the third quarter as compared to the most recent reported second quarter 2013.
Tim Maxson, COO of ERF Wireless, commented, "Our subsidiary, Energy Broadband Inc., continues to do an outstanding job of expanding its presence in the domestic oil and gas sector. Since the majority of the company's revenues are now derived from the oil and gas industry and that business has continued to expand and generate new high-margin revenues during the current quarter, the company believes it is reasonable to give our shareholders a certain level of positive guidance that the company is successfully executing its business plan in the third quarter. Of course, it is impossible to provide more quantitative results, at this time, such as will be available when the company files its third quarter 2013 financials.
Additionally, the Company filed an SEC Form 8-K under Item 8.01 – Other Events yesterday, September 11, 2013. The content of that 8-K read as follows: "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."
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "After some nearly three years of legal battle with Schlumberger to protect our interest in exclusive reseller agreements for all of North America, we are obviously disappointed in the ruling by the panel of arbitrators. This ruling in no way is a reflection of the underlying fundamentals of our business as illustrated by the guidance on the third quarter of 2013 provided above. We have put this chapter behind us and are aggressively focused on driving market share increases and associated revenue growth in our primary objective to reach profitability and cash-flow positive from operations."
About ERF Wireless
ERF Wireless Inc. 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/ or call 281-538-2101. (ERFBG)
The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Forward-looking statements can be identified by the use of forward looking terminology such as "believes," "suggests," "expects," "may," "goal," "estimates," "should," "likelihood," "plans," "targets," "intends," "could," or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of continued expansion into oil and gas markets and of our terrestrial broadband networks, along with other performance results. These statements are made to provide the public with management's current assessment of our business, and it should not be assumed that that the forward looking statements will prove to be correct. Security holders are cautioned that such forward- looking statements involve risks and uncertainties. The forward-looking statements contained in this release are only as of the date hereof, and we expressly disclaim any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in management's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the Securities and Exchange Commission as we have identified many risk factors that impact our business plan.
CONTACT: ERF Wireless Inc. Clareen O'Quinn 281-538-2101 ext. 113 firstname.lastname@example.orgSource:ERF Wireless Inc.