Shares of ERF Wireless Inc. (OTCBB: ERFW) jumped up today after news of its $1 million contract with First Federal Bank of Louisiana. In early trading today, ERFW was up 6 cents (21 percent) to 41 cents per share on volume of 545,405 shares.
ERFW announced today that its ERF Enterprise Network Services subsidiary has contracted with First Federal Bank of Louisiana to supply bandwidth transport across US-BankNet, ERF Wireless’ new, fault-tolerant encrypted enterprise-class wireless banking network. First Federal’s seven-year US-BankNet contract, which also includes a number of renewal provisions that could extend it up to 25 years, is in addition to the $1 million BranchNet contract recently signed with the bank.
“This is our first million-dollar US-BankNet contract in Louisiana. We are projecting that out of the state’s 282 banks and credit unions, we’ll add at least 19 more financial institutions to the Louisiana segment of our US-BankNet system over the next five years,” said John Burns – CEO of ERF Enterprise Network Services – in a press release.
While the BranchNet contract provides connectivity to First Federal’s 14 branches throughout southwestern and central Louisiana, the US-BankNet contract provides for delivery of additional digital services, including fast access to key banking service providers, redundant routing across the network, IP WAN transport and access to a 50-mbps Internet gateway.
“US-BankNet will not only provide wireless connectivity, fiber gateways, video-on-demand servers for storage and retrieval of training classes, access to network storage systems, high-definition video surveillance, and a host of other products and services to participating financial institutions, it will also be the primary interconnect to a number of BranchNet encrypted high-speed networks which the company has already installed for banks around the state,” concluded Burns.
ERFW specializes in providing secure wireless and broadband product and service solutions to banking and commercial clients on a national and international basis. Its principals have been in the network integration, triple-play FTTH, IPTV content delivery, Internet banking and encryption technology businesses for more than twenty years and have constructed encrypted, wireless broadband networks as well as secure Internet banking solutions for hundreds of banks across America.