LEAGUE CITY, TX and LAWRENCEVILLE, GA -- (Marketwired) -- 03/09/17 -- ERF WIRELESS, INC. (OTC PINK: ERFB) and privately held Accordant Communications, LLC. (www.acc-com.com) today announced, that ERF Wireless ("ERF") has now completed the acquisition of 100% of the equity interests in Accordant Communications ("Accordant") directly from its current equity owners in exchange for fourteen million shares of restricted common stock of ERF valued at $1.00 per share as announced previously on January 17, 2017. Accordant has become, for the present time, a wholly-owned subsidiary of ERF as of the closing.
Dr. H. Dean Cubley, CEO of ERF, stated, "The transaction which was originally anticipated to close in August, 2017 was closed ahead of schedule and now makes ERF one of a few uniquely positioned companies able to take full advantage of the telecommunications industry portion of PRESIDENT TRUMP's TRILLION DOLLAR ACCELERATED INFRASTRUCTURE PLANS. The telecommunications industry is in desperate need of upgrading wireless infrastructure from 4G to 5G, there are numerous large utility plant hardening projects that will soon be underway, and there is desperate need for a complete upgrade and hardening of America's Grid Systems. The combination of ERF and Accordant is perfectly positioned to take advantage of these infrastructure upgrade projects as soon as they are approved by the new administration."
Accordant, (acc-com.com) is a leading Broadband Network Development and Utility Construction company focused primarily on the fastest growing telecommunications and utilities markets in the south and southeastern United States. Accordant holds Master Services Agreements with all major tower companies, a majority of the Top Tier TELCO's, and two of the largest Utility Companies in the United States allowing it to be uniquely positioned to work on both wireless Towers and Utility Power.
"We were attracted to Accordant Communications because of the depth of experience on their leadership team," stated Cubley. "The executive team is made up of industry professionals each with thirty-plus years in both the telecom and power utility sectors." He added, "hundreds of thousands of small cells will be deployed in the US over the next few years and a large portion of these will be deployed on utility companies' infrastructure. Accordant's wireless certifications coupled with their ability to work in the power space puts them in a very unique position among contractors."
Dan Himes, Manager, Accordant, stated: "We are excited to be joining ERF, a mission-critical infrastructure company, in one of the fastest growing industries today. We believe combining forces with ERF will allow us to provide critically-needed services to the massive infrastructure projects currently underway and those planned by the new administration to create and rebuild America in both the telecom and power sectors." Accordant expects to add up to 100 new jobs in the Florida market alone over the next 24-months.
About ERF ERF Wireless (www.erfwireless.com) was founded in 2004 as a "Critical Communications Infrastructure" company applying advanced wireless broadband technology and other communications technology to a select suite of enterprise, commercial and retail critical communications needs. ERF has historically offered high-speed wireless broadband products and services to specialized critical communications needs, such as banking, healthcare, education and oil and gas.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the proposed transaction and business combination between ERF and Accordant, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products and markets of each company. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may adversely affect ERF's business and the price of the common stock of ERF, (ii) the failure to satisfy the conditions to the consummation of the transaction and the receipt of certain governmental and regulatory approvals, (iii) the effect of the announcement or pendency of the transaction on ERF's and Accordant's business relationships, operating results, and business generally, (iv) risks that the proposed transaction disrupts current plans and operations of ERF or Accordant and potential difficulties in employee retention as a result of the transaction, (v) risks related to diverting management's attention from Accordant's ongoing business operations, (vi) the outcome of any legal proceedings that may be instituted against ERF or Accordant related to the transaction, (vii) the ability of ERF to successfully integrate Accordant's operations, product lines, and technology, and (viii) the ability of ERF to implement its turnaround plans, forecasts, and other expectations with respect to Accordant's business after the completion of the acquisition and realize additional opportunities for growth and innovation. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ERF and Accordant assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.