EXHIBIT 99.1
ERF WIRELESS NAMES DR. H. DEAN CUBLEY AS NEW CEO AND JOHN ADRIAN BURNS AS COO
COMPANY COMPLETES INITIAL PHASE OF BUSINESS PLAN AND SETS COURSE FOR
ACCELERATED GROWTH
LEAGUE CITY, Texas, Oct 17, 2006 /PRNewswire-FirstCall via COMTEX News Network/
- -- ERF Wireless (OTC Bulletin Board: ERFW), the nation's market leader for
secure wireless broadband products and services for the regional banking
industry, announced today that it has successfully completed the development
phase of its strategic business plan and has now realigned management of the
company to prepare for rapid growth and market share accumulation. The plan
includes naming Dr. H. Dean Cubley as the new CEO and John Adrian Burns as the
new COO. R. Greg Smith, who had served the company as both CEO and CFO during
the development stage, will continue as CFO under the new management structure.
In addition to the new appointments, the company also announced the realignment
of all division and subsidiary company personnel under a function-oriented
management structure. This new management structure will allow the company to
move into the operational phase of its business plan where management will focus
on its existing market opportunities, expand its customer base, file additional
patents resulting from continuing research and development of encrypted
communications, build market share through internal market growth as well as the
licensing of its patents, acquire the assets and resources of strategically
located wireless broadband companies, and build its recurring revenue base.
Dr. H. Dean Cubley, ERF Wireless' Chairman and new CEO commented, "Under Greg's
leadership, the company has achieved the milestones on plan and is now
positioned to execute on this next phase of anticipated growth. We set out two
years ago to form a new public company that would be focused on profitable
enterprise-level wireless broadband applications. We secured initial funding,
went public in September 2004, acquired four strategically placed wireless
companies and assets in 2004 and 2005, secured $1.5 million in additional
institutional funding in 2005, and secured a $3 million credit facility in early
2006. We filed for initial patent protection for our CryptoVue wireless security
solution in early 2006 and have become the market leader in secure wireless
solutions for the banking industry by designing and completing construction of
encrypted wireless networks in three states. These accomplishments have
positioned ERF Wireless to move to the second phase of our business plan, which
includes broadening our leadership in wireless offerings for the banking
industry, entering into strategic relationships with selected large companies,
expanding our marketing footprint, acquiring additional strategic wireless
properties and resources, and securing major second-round financing. Finally, we
will position the company to move to a national stock exchange just as soon as
the listing requirements are achieved."
"I appreciate the excellent job that Greg Smith has done over the past two years
in his dual role as CEO/CFO to get through the initial phase of the business
plan," Cubley said. "It was always contemplated that the dual CEO/CFO role would
be split into two separate positions when the company reached its milestones and
was ready to move into the full operational phase of the plan. Today ERF
Wireless has reached that point. I will now do my best to build upon the strong
foundation that has been provided to me."
John Adrian Burns, the new COO, has been with the company since 2005. He
commented, "Through Greg Smith's excellent leadership, I was able to concentrate
on having my team complete the extensive research and development necessary to
file for initial patent protection on our CryptoVue Security System and get our
secure wireless networks successfully deployed in the field. Over the past two
years, the company has developed a wide-range of expertise and has brought in
other key executives in order to market, engineer, build, and support a large
number of these secure networks as called for in the next phase of our business
plan. During the initial phase, we successfully completed secure wireless
networks spanning hundreds of miles across the South and Midwest for financial
institutions and local government customers."
Burns went on to note that the company's completed wireless networks, which
utilize ERF Wireless CryptoVue devices, have been subjected to numerous federal
regulatory examinations, IT audits and outside vulnerability assessments. "We're
very pleased with the results from all of the research and development efforts,
and I'm looking forward to expanding our product line in the banking industry as
well as into hospitals, law enforcement, and other regulated industries and
government agencies that require secure high-speed communications. With the new
management team in place, the company is now ready to tackle the next phase of
the business plan, focus on execution and create exceptional value for our
public shareholders."
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About ERF Wireless
ERF Wireless Inc. is a fully reporting public company with its corporate offices
in League City, Texas. The company specializes in providing secure wireless
broadband product and service solutions to enterprise and commercial clients on
a regional and national basis. ERF Wireless and its principals have been in the
wireless communications, LAN/WAN, network integration, ISP, Internet banking,
encryption technology and banking software businesses for over twenty years and
have constructed secure, encrypted wireless broadband networks as well as secure
Internet banking solutions and other secure data processing systems for hundreds
of banks across America. For more specific information regarding the ERF
Wireless regional banking secure wireless solution, please visit our website at
http://www.erfwireless.com/ensabout.htm or call 512-352-7118. For more
information about ERF Wireless, please visit our web site at www.erfwireless.com
or call 281-538-2101. To automatically receive periodic company information that
has appeared in the media, please visit our website and join our opt-in Investor
Information Program. (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.
Contact:
ERF Wireless, Inc.
Clareen O'Quinn
281-538-2101 ext. 113
coquinn@erfwireless.com
SOURCE ERF Wireless
Clareen O'Quinn of ERF Wireless, Inc., +1-281-538-2101, ext. 113,
coquinn@erfwireless.com
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http://www.erfwireless.com
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