ERF Wireless Opens First Segment Of US-BankNet In Texas
League City, TX - ERF Wireless, a provider of enterprise-class wireless and broadband products and services, announced recently that its ERF Enterprise Network Services subsidiary has completed certification of the first segment of its US-BankNet system in the State of Texas. The encrypted, enterprise-class wireless and fiber network of US-BankNet will provide contracting financial institutions and large commercial customers in the state with high-speed connectivity to key service providers, the Federal Reserve, fiber gateways and the Internet. With the initiation of US-BankNet coverage in Texas, ERF Wireless is also now positioned to rapidly expand its Texas BranchNet operations, as well as begin providing US-BankNet connectivity to its existing Texas BranchNet system customers. US-BankNet is the only non-military network available in the country that is fully encrypted from every entry point to every exit point on a controlled key ring using the company's patent-pending CryptoVue™ technology. US-BankNet was designed for financial institutions and other commercial customers who require strong levels of controlled encryption to either meet regulatory requirements or to employ best practices to fully protect their data from unauthorized access.
Looking forward, the company is setting a goal of closing at least 120 Texas BranchNet system sales out of the 656 banks and 640 credit unions in the state of Texas over the next five to seven years; and if successful, thereby potentially generating up to $120 million in initial design and construction revenues from its Texas BranchNet systems. With the deployment and completion of the Texas segment of US-BankNet, the company also has the potential to generate significant US-BankNet recurring service revenues and follow-on product sales in Texas of up to an additional $125 million over the next ten years. Finally, the company expects to enter into WiNet System Agreements to with most of its Texas BranchNet bank customers to provide bundled wireless Internet products and services in communities across the state. This segment of the company's business plan, in Texas alone, has the potential to add hundreds of millions of additional dollars to the growing company revenue base over the next 10 years. With sales of US-BankNet products and services now underway in the first two states of Texas and Louisiana, the company's strategic plan is to continue to expand quickly into other southern states including Oklahoma, Arkansas, Tennessee, Mississippi, Alabama, Florida, Georgia and South Carolina thus paving the way for expansion into other regions until US-BankNet has attained nationwide coverage.
John Burns, CEO of ERF Enterprise Network Services, commented, "This is our next US-BankNet segment where we are incorporating over 60 towers now owned or controlled in Texas by our ERF Wireless Bundled Wireless Services subsidiary that is already servicing over 2,000 wireless customers throughout ERF Wireless' WiNet Systems in Texas. This arrangement was achieved through both acquisition and organic growth of ERF Wireless' networks across the state." Burns further commented, "With the Texas and Louisiana segments of US-BankNet underway and the Redundant Routed Network Architecture (RRNA) system architecture in place, we are ready to set our sights on signing financial institutions around both states to long-term BranchNet and US-BankNet product and service agreements based on our substantial pipeline of prospective financial institutions."
The development of US-BankNet significantly enhances the sale of BranchNet systems to larger financial institutions and commercial customers by the company. While the company's BranchNet systems generally provide encrypted wireless high-speed access from an institution's operations center to its remote locations within a typical 25,000 square mile coverage area, US-BankNet extends the reach across an entire state and beyond through the ERF Wireless patent-pending RRNA technology that combines wireless, fiber and satellite technology into a comprehensive fault-tolerant encrypted communications network. Deployment of US-BankNet also enhances the sale of the company's advanced digital applications systems including its VoIPNet (Voice-over-IP), VideoNet (high-def video conferencing), SatNet (satellite failover), StorageNet (offsite data storage and backup across the high-speed data network), and ImageNet (remote monitored video surveillance) products available through the US-BankNet system.
Dr. H. Dean Cubley, Chairman & CEO of ERF Wireless, commented, "The deployment of US-BankNet in Texas achieves another key milestone in our five-year strategic plan. With the announcement last month of a $10 million equity capital investment from Dutchess Capital and with other initiatives underway, we are preparing the necessary financing to accommodate our soaring growth."
SOURCE: ERF Wireless