ERF Wireless, Inc. Announces Proposed Changes to Future Public Trading Strategy and Top-Level Management Changes by the Board of Directors
ERF Wireless, Inc. (OTC GREY: ERFB) has appointed Dr. H. Dean Cubley as interim CEO and Chairman following the passing of Dr. John Barnett. Cubley, who founded the company in 2004, aims to re-establish ERF as a fully reporting SEC public company to enhance shareholder value. The Board plans to recruit experienced executives and auditors to assist in this transition. The company will also work to resume trading on OTC Markets after a recent halt. ERF continues to focus on exploring oil and gas opportunities through its subsidiary, Zona Resources, Inc.
- Dr. H. Dean Cubley's reappointment may provide experienced leadership.
- Plans to enhance shareholder value by becoming a fully reporting SEC public company.
- Commitment to resume trading on OTC Markets to restore investor confidence.
- Recent trading halt due to inaccurate information may harm investor trust.
- Potential lack of continuity and experience in leadership during the transition.
DALLAS, March 24, 2021 /PRNewswire/ -- ERF Wireless, Inc. (OTC GREY: ERFB) ERF Wireless, Inc. announced today that the Board of Directors has voted to employ Dr. H. Dean Cubley as its interim Chief Executive Officer and appoint Dr. H. Dean Cubley as Board Chairman both effective immediately as a result of the recent passing of its current CEO and Chairman Dr. John Barnett. Dr. Cubley was the founder of ERF Wireless, Inc. in 2004 and served as its CEO and Chairman for over 10 years before retiring in 2017. In addition, while there can be no assurances, ERF Wireless, Inc. management intends to recruit other seasoned business executives to serve as new independent members of the Board of Directors as well as new management team members to help guide the company business strategy.
Dr. Cubley said, "I am happy to have the opportunity to again be a part of the ERF Wireless, Inc. team and have agreed to lead the Company in the direction of attempting to once again, in the long term, becoming a fully reporting SEC public company in order to enhance shareholder value and move the Company business strategy forward."
The Board of Directors has voted to add additional independent Board Members and to empower management to locate and employ auditors and attorneys to take all the necessary steps to re-register ERF Wireless, Inc. with the SEC on a fully reporting basis. While this process is taking place, the Company will be taking active measures to return to current fully reporting status on the OTC Markets trading platform by meeting all public disclosure requirements. Company management has recently engaged members of the brokerage community to file the necessary documentation to attempt to once again initiate quotations and full trading of the ERF Wireless, Inc. common stock on OTC Markets following the unfortunate trading halt initiated by untimely and inaccurate information in the Company's press release of January 28, 2021. The correction to this press release was issued on February 5, 2021, but unfortunately the trading halt had already been initiated requiring the filing of a new 15c-211 application by a broker firm for trading permission with the regulatory authorities to be restored. However, no assurances can be provided as to realization or timing.
The operational business strategy of ERF Wireless, Inc. will continue to be focused on exploring oil and gas opportunities through its wholly owned subsidiary Zona Resources, Inc. Zona Resources, Inc. focuses on the location, acquisition and potential development of oil and gas properties, as well as other energy related activities which acquires oil and gas assets in the Permian Basin. The progress being made on this front will be reported in future press releases as well as disclosure information provided through OTC Markets. Management will also be exploring a possible listing on the Canadian Exchange in the future in addition to its U.S. trading activities, as well as other related new business opportunities that are currently presenting themselves and will report on these activities in future press releases as they are developed.
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 to 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, including those related to COVID-19. 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. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
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SOURCE ERF Wireless, Inc.
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