ERF WIRELESS, INC. (OTC PINK: ERFB) and privately held Accordant Communications, LLC. (www.acc-com.com) on Thursday announced they have signed a definitive agreement under which ERF Wireless will acquire 100% of the equity interests in Accordant Communications for 14,000,000 shares of ERF Rule 144 restricted common stock valued at $1.00 per share in an all-stock deal valued at $14 million. Subject to customary due diligence and approvals, the transaction is expected to close before August of this year.
Accordant Communications was founded in 2010 by experienced network infrastructure development professionals to provide critically needed services to the communications and power providers as they expand and upgrade their networks to meet the growing demands of their customers. Accordant is a licensed General Contractor in numerous states, and has offices in Miami, West Palm Beach, Sanford, FL; Lawrenceville (Metro Atlanta,) GA and Houston, TX.
"Today is a re-founding moment for Accordant. I see incredible opportunity for our customers and look forward to supporting this new and combined business," said Dan Himes, President of Accordant. "We bring to ERF an additional $4-6 million in gross annual revenues, with a projected sales pipeline for 2017 of $25 million," said Himes. Accordant's customer base includes major U.S. telecoms and power utilities.
"Last fall ERF engaged the services of Dallas-based Asset Econometrics, Inc. ("AEI") to assist in providing turnaround, workout options, and strategic options. The acquisition of Accordant is a first-fruit of the efforts of AEI," said Dr. H. Dean Cubley, CEO of ERF. Cubley said ERF will finance the transaction through original issue Rule 144 restricted common stock.
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.
