ERF Wireless (ERFW) announced that its ERF Enterprise Network Sevices subsidiary has signed a US-BankNet contract with Classic Bank of Cameron, Texas. The new contract is a long-term contract to supply encrypted bandwidth transport across the Tex portion of US-BankNet, the company’s fault-tolerant, encrypted enterprise-class wireless financial network.
ERF Enterprise Network Services is a provider of wireless networks throughout rural areas of the U.S. The company and its principals have been in the LAN/WAN, network integration, ISP, Internet banking, encryption technology, and banking software businesses for more than 20 years and have constructed secure, encrypted, wireless broadband networks as well as secure Internet banking solutions and other secure data processing systems for hundreds of banks.
The seven-year US-BankNet contract with Classic Bank provides for the delivery of encrypted digital services, including fast access to key banking service providers, redundant routing across the network, access to the Federal Reserve for transmission of check images, encrypted ATM WAN IP transport, and access to high-speed Internet gateways.
According to Dr. H. Dean Cubley, chairman and chief executive officer of ERF Wireless, the contract, along with multiple renewal provisions to extend it up to 25 years, will continue to validate the company’s business model that targets a very lucrative market for providing encrypted high-speed communications to regulated industries in general, and the banking industry in particular.
The company has set 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. If successful, the BranchNet contracts will result in approximately $120M in initial design and construction revenue for ERF Wireless. With ongoing deployment of the Texas segment of US-BankNet, the company also expects to generate an additional $125M in recurring service revenues and follow-on product sales over the next 10 years in Texas alone.
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