ERF Wireless Implements Reverse Stock Split
(firmenpresse) - LEAGUE CITY, TX -- (Marketwire) -- 08/04/11 -- ERF Wireless (OTCBB: ERFW), a leading provider of enterprise-class wireless broadband products and services, announced today that, having received all required regulatory and stockholder approvals, the company has implemented a reverse stock split of 1 for 500 effective August 5, 2011.
The company's board of directors and stockholders with a majority of the company's voting power previously approved an amendment to the company's Articles of Incorporation stating that, the board of directors at its discretion, could at any time within twelve months following the amendment effect a reverse split of the company's common stock at a ratio of between 1 for 2 and 1 for 500. Any whole number of outstanding shares between and including 2 and 500 would be combined into one share of common stock, at a ratio selected by the board. There would be no change to the authorized shares of common stock of the company as a result of the reverse stock split and any fractional shares would be rounded up.
The purpose of any reverse stock split is to attempt to increase the individual per share trading value of the company's common stock and reduce the number of shares issued and outstanding. The board believes that a decrease in the number of shares outstanding is likely to improve the trading price for the common stock, to make access to a national market listing possible, to increase the marketability of its stock to potential new investors, and to improve its ability to attract institutional investors to hold ERF Wireless shares while decreasing the volatility of the stock price. These factors, as well as the extreme difficulty and expense that many of the company's stockholders are having at the current price in their attempt to comply with the penny stock rules at their brokerages, have convinced the board that it is in the best interests of the company and its stockholders to implement a 1 for 500 reverse split at this time.
This corporate action will take effect at the open of business August 5, 2011. The symbol on this date will be ERFWD. Please note that the "D" will be removed 20 business days from that date and the symbol will revert to the original symbol of ERFW. After an additional 10 business days, the company will receive notification from FINRA regarding a new symbol for the ERF Wireless common stock.
Stockholders who are holding their shares in electronic form at their brokerage do not have to take any action as the effects of the reverse will automatically be reflected in their brokerage accounts. Stockholders holding paper certificates are requested to send the certificates to the company's transfer agent at the address given below. The transfer agent will issue a new share certificate reflecting the terms of the reverse to each requesting shareholder.
Olde Monmouth Stock Transfer Co., Inc.
200 Memorial Parkway
Atlantic Highlands, NJ 07716
Attention: Matthew J. Troster
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 and or call 281-538-2101. (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
E-mail contact:
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Datum: 04.08.2011 - 17:56 Uhr
Sprache: Deutsch
News-ID 1027903
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