ERF Wireless Requests Formal Arbitration Decision in Multi-Million Dollar Contractual Dispute With Schlumberger Technology Co...
03 Agosto 2011 - 9:30AM
Marketwired
ERF Wireless (OTCBB: ERFW), a leading provider of enterprise-class
wireless broadband products and services, announced today that it
has filed the formal arbitration documentation to conduct
arbitration of a major contractual dispute between ERF Wireless and
Schlumberger Technology Corporation, a subsidiary of Schlumberger,
Ltd. (NYSE: SLB). This dispute has arisen regarding two exclusive
reseller contracts between Schlumberger and ERF Wireless signed
January 16, 2009, and still continuing until January 15, 2012,
unless cancelled due to a default by either party or extended under
the provisions of the contracts. Neither Schlumberger nor ERF
Wireless cancelled the contract due to default of the other party.
The arbitration now commenced involves one of these contracts with
the GCS Division of Schlumberger for all of the U.S. including the
Gulf of Mexico. A second and similar contract for all of Canada
with their Canadian Division may be the subject of a separate
proceeding. The nature of the dispute includes but is not limited
to the guaranteed revenue to ERF Wireless under provisions of the
contract. In that regard, ERF Wireless has already invoiced
Schlumberger for many millions of dollars that have been earned
under the terms of the contract. Schlumberger disputes contractual
liability. ERF Wireless has not been able to collect the funds
represented by these invoices or report this revenue to its
stockholders in its SEC financials because of public company
accounting rules treatment of disputed revenue. In spite of this
limitation, ERF Wireless has continued to expand its wireless
network coverage in most North American oil and gas regions, as
required by the contracts, and to increase its market presence by
servicing industry customers that were originally exempted from the
exclusivity provisions of the contracts.
The Company expects to conduct the arbitration process in
Houston Texas. The ruling in the arbitration will be binding, and
the arbitration is expected to be completed by year end.
About ERF Wireless
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 www.erfwireless.com and www.erfwireless.net or call
281-538-2101. (ERFWG)
Forward-looking statements in this release regarding ERF
Wireless Inc. and its wholly owned subsidiary Energy Broadband 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: Email Contact
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