67 WALL STREET, New York - November 4, 2009 - The Wall Street Transcript has just published its Telecommunications Services & Equipment Report offering a timely review of the sector to serious investors and industry executives. This 20-page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Telecom Carriers VS. Telecom Equipment Vendors - Increased Competition Hurts Profitability Among Telecom Carriers - Net Neutrality Battle - New Telecom Players Apple & Google - High-Growth Opportunity In Latin American Market - Rural Local Exchange Carriers - Fierce Wireless Competition - Significant Deceleration In Wireless Subscriber Growth - Upgrade To 4G - Secular Decline In RLEC Sector - Regulatory Environment - Unlimited Pay-In-Advance Segment Is Fastest-Growing In Wireless

Companies include: Ciena Corporation (CIEN); AT&T (T); Alcatel (ALU); Apple (AAPL); CenturyLink (CTL); Clearwire (RLWR); Comcast (CMCSK); Consolidated Communications (CNSL); ERF Wireless (ERFW.OB); Frontier Communications (FTR); Google (GOOG); Intel (INTC); Iowa Telecom (IWA); Knology (KNOL); Leap Wireless (LEAP); Liberty Global (LBTYA); MetroPCS (PCS); Millicom (MICC); NII Holdings (NIHD); Nortel (NTL); Sprint (S); T-Mobile (DT); Telefonica (TEF); Tellabs (TLAB); Time Warner Cable (TWC); Time Warner Cable (TWX); TracFone (AMX); Verizon (VZ); Wal-Mart (WMT); Windstream (WIN).

In the following brief excerpt from the 20-page report, Dr. H. Dean Cubley, CEO of ERF Wireless, discusses the outlook for the sector and for investors.

DR. H. DEAN CUBLEY, Ph.D., has served as Director and Chairman of ERF Wireless since May 2004, and as Chief Executive Officer since October 2006. Dr. Cubley has also served as a Director of Eagle Broadband, Inc., formerly known as Eagle Wireless International, Inc., since March 1996. He was the company's Chairman of the board from March 1996 to April 2004, Chief Executive Officer from March 1996 to October 2003 and President from March 1996 until September 2001. Prior to that, Dr. Cubley served as Vice President of Eagle Telecom, Inc., from 1993 to March 1996. With over 40 years of experience in the telecommunications industry, Dr. Cubley has served as a principal in numerous high-technology companies, including Metrocast, Microlink, TI-IN and Paging Products International. From 1965 to 1984, he worked for the NASA Manned Spacecraft Center as a Senior Engineer or Manager on all Gemini, Apollo and Shuttle programs. In addition, he has authored or co-authored over 50 publications, and is named on a total of 15 patents and pending patent applications. Dr. Cubley received a B.S. degree in electrical engineering from the University of Texas in 1964 and an M.S. degree from the University of Texas in 1965. In 1970 he received his Ph.D. in electrical engineering from the University of Houston.

TWST: Would you give us a history of ERF Wireless and a background on the company?

Dr. Cubley: I founded ERF Wireless (ERFW.OB) in early 2004. The company came to be as a result of me wanting to put together a purely wireless company. We'd do wireless broadband, focus on wireless broadband in the main part of the U.S. I thought there was a need for a company specializing in that. The initial business plan was very simple: roll up of the best wireless high-speed companies that could be found, build a large network, find an interested buyer and sell it off. So that was the beginning. The biggest problem ahead was finding good companies to buy. There were a lot of companies out there providing wireless broadband, but most of them were very fragmented, disorganized and losing a lot of money; there were very few sizable, profitable wireless broadband companies in the 2004-2005 time frame. My approach was to look for wireless broadband companies that also had a vertical market strategy for something more than just a commodity-type product, and that led us into the regional banking market. We own a company that has a technology in wireless T1 replacement for the regional banking industry, and that product enabled us to replace the regional banks' T1 lines with our high-capacity wireless links and save them money. We build the networks and operate, maintain, and monitor them and become a service partner with the banks. To date we have built eight large bank networks in three states, comprised of about a 150 individual bank locations. And as far as we can determine, we are the market leader in this space. And actually we haven't found much competition at all. We have a proprietary product called CryptoVue that has been through the examination process by the federal regulators to allow it to be used with the banks. A wireless network cannot be installed in a bank without passing this scrutiny by the federal regulators. We have some fairly sizable bank network coverage primarily in Texas and Louisiana. We continued to acquire companies - both purely wireless ISPs as well as still looking for those that have a vertical market strategy. The next vertical market strategy actually found us.

TWST: How did that find you?

Dr. Cubley: At one point, a company that is the world's largest oil and gas services company requested a meeting with us. We invited them over, and they told us basically that everywhere they were operating in Texas, Louisiana, New Mexico, Oklahoma, they were seeing our networks, our signs, our trucks, and that they were looking for a partner who could provide a wireless broadband service to them. They traditionally had been providing communications to their customers by way of VSAT satellite links. They explained to us that the VSAT technology was coming under pressure since it did not have enough bandwidth, and that the latency over the satellite was causing problems with their software applications where they derive a large percentage of their revenue. They had made a strategic decision within their company to move toward wireless broadband and had been searching for a way to get into the wireless broadband business quickly. They had decided to not build it themselves, but rather to find a company that was already in terrestrial wireless broadband and contract with them, try to bring the business into a relationship as an exclusive reseller. And at some point in the future, if the partnership was successful, they would likely be bringing that capability in-house through acquisition. We negotiated with them for nine months and ended up with a contract that is an exclusive contract for the provision of wireless broadband throughout all of North America, including the Gulf of Mexico. We are the exclusive provider under this contract. We are in the front end of ramping up providing wireless broadband for this three-year contract. This contract brought us into the oil and gas vertical in a big way very quickly. Prior to this exclusive contract, we were already doing some business in oil and gas. We had 11 other companies that we were doing business with that we excluded from the exclusive contract because we already had commitments to them. So the oil and gas vertical is our second vertical. Currently, the company has about 165,000 square miles of wireless broadband network coverage that we own and operate. We have about 10,000 traditional wireless Internet service subscribers under our wireless broadband networks in addition to the banks, and the oil and gas industry vertical. We are looking to expand that coverage not only in the Texas, New Mexico, Oklahoma, Louisiana areas, but also throughout the U.S. and into Canada through acquisitions as well as strategic relationships with companies that are already in that space and operating there. So we are very quickly moving into a three-part business strategy: one, basic networks that we operate in the same manner as most WISPs operate. As I mentioned, we have 10,000 customers now; we expect to double that within the next few months just through acquisitions. We have the banking vertical, and we have the oil and gas vertical. In addition, we are currently working on two additional vertical markets - medical and educational. We have a very straightforward business strategy: It's purely wireless and we bill as many customers over existing networks as we can.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 20-page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

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