Correction to ERF Wireless, Inc. January 28, 2021 Press Release Inaccurately Announcing the Reverse Split of Its Common Stock

Rhea-AI Summary

ERF Wireless, Inc. (OTC PINK: ERFB) announced a correction regarding a previously disclosed reverse stock split of 10,000 to 1. Due to inaccurate advice from an external consultant, the reverse split did not occur as planned, resulting in a ten-day trading halt mandated by the SEC. The Company will provide additional updates on this situation as they become available.

Positive

• None.

Negative

• Reverse split did not occur as planned due to inaccurate advice from an external consultant.
• Ten-day trading halt mandated by the SEC may negatively impact investor confidence.

DALLAS, Feb. 5, 2021 /PRNewswire/ -- ERF Wireless, Inc. (OTC PINK: ERFB) The Company is issuing this press release to correct information in its January 28, 2021 press release indicating an Effective Date of a reverse split of the common stock in a ratio of 10,000 to 1.  The subject reverse split did not happen as anticipated and reported by the Company due to inaccurate advice from an outside technical advisor. This error has also caused a ten-day trading halt as directed by the SEC.  The Company will provide further updates as to the details as to the status of these matters as soon as possible.

About ERF Wireless, Inc.
ERF Wireless, Inc. (www.erfwireless.com), founded in 2004 as a "Critical Communications Infrastructure Company", has long been associated with the energy sector by and through its provision of wireless internet and other services in the exploration, drilling, and production phases of oil and gas.  All financials associated with the wholly-owned Zona Resources, Inc. oil and gas operations will be consolidated into the public ERF Wireless, Inc. holding company financials and would be expected be reflected in its common stock valuation for its public stockholders.

Forward Looking Statements:
This press release contains forward-looking statements that involve numerous risks and uncertainties. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "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. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with OTC Markets.

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SOURCE ERF Wireless, Inc.

FAQ

What is the correction announced by ERF Wireless, Inc. on February 5, 2021?

ERF Wireless, Inc. issued a correction stating that a previously announced reverse stock split did not occur due to inaccurate advice from an external consultant.

How did the SEC affect ERF Wireless, Inc. following the announcement of the reverse split?

Following the announcement, the SEC mandated a ten-day trading halt for ERF Wireless, Inc.

What was the ratio of the reverse split announced by ERF Wireless, Inc.?

The reverse split was initially announced at a ratio of 10,000 to 1.

When will ERF Wireless, Inc. provide further updates on the reverse split situation?

ERF Wireless, Inc. stated that it would provide further updates as soon as possible.