LEAGUE CITY, TX -- (Marketwire) -- 08/05/10 -- ERF Wireless (OTCBB: ERFW), a leading provider of enterprise-class wireless broadband products and services, announced today that the company has repaid all of its outstanding convertible debt as of close of business August 4, 2010. As reported in its 10-Q for the first quarter of 2010, the company received approximately $600,000 USD in financing through convertible debentures with several institutional investors during the first quarter of 2010. Since that time, the company has worked to repay that debt, while continuing to execute its business plan for overall revenue growth. In particular, ERF Wireless Oil & Gas Services, the company's oil and gas services division, continues to gain substantial sales momentum and is currently working to finalize contracts with multiple customers, including some high-profile Fortune 500 companies.
ERF Wireless CEO, Dr. H. Dean Cubley, commented, "With the retirement of these convertible debentures, the company has finally turned the page on a challenging period. Today, our products are gaining significant market acceptance with global leaders in the oil and gas exploration industry and we anticipate sales from this arena will make a major contribution to the company's growing revenues over the next several months and years."
Dr. Cubley went on to note that he and the ERF Wireless senior management team have greatly appreciated the steadfast commitment of individual as well as institutional investors during this period of the company's development.
About ERF Wireless
ERF Wireless Inc. is a fully reporting public corporation located in League City, Texas, and is the parent company of ERF Oil & Gas Services, ERF Enterprise Network Services, ERF Bundled Wireless Services, ERF Wireless Messaging Services and ERF Network Services. 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 www.erfwireless.com and www.erfwireless.net or call 281-538-2101. (ERFWG)
Forward-looking statements in this release regarding ERF Wireless Inc. are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
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