LEAGUE CITY, TX, United States, via ETELIGIS INC., 12/10/2014 – – ERF Wireless Inc. (OTCQB: ERFB) announced today that on December 4, 2014, it closed its second lease schedule with its Senior Lender, WISPer Ventures Leasing LLC, in the amount of $1,250,435 under a $2,500,000 three-year Master Lease. Funds received previously under the first lease schedule of $403,000 were dedicated to the repayment of convertible debentures and that process is ongoing. Under the terms of the second lease schedule, the financing proceeds were used to retire our remaining ERF Wireless Inc. bridge loan and to restructure another term loan. Specifically, the unpaid existing balance of a $1,000,000 bridge loan with three individuals was completely paid off including penalty and interest. In addition, a term loan with Dakota Capital Fund LLC, a South Dakota limited liability company, and was paid down by $603,970.56 and the balance was restructured as an interest only one-year note due December 4, 2015.
Dr. H. Dean Cubley, CEO of ERF Wireless Inc., commented, “The payoff of our bridge loan from 2011 and the partial payment and restructuring of our Dakota Capital Fund LLC term loan is just one part of our overall process of debt payoff and restructuring that has been in progress throughout most of 2014. With the completion of these transactions we have completed a significant portion of one of our major objectives for 2014. We will continue to pay down and retire our other debt, including the convertible debt, as funds availability permits, and also focus on our other key objectives for the remainder of 2014 and beyond.”
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 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, www.energybroadband.com and www.erfwireless.net 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 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.
ERF Wireless Inc.
281-538-2101 ext. 113
Financial Relations Firm:
Mirador Consulting LLC
SOURCE: ERF Wireless, Inc.