MPHASE ANNOUNCES NEW TECHNOLOGY PROJECTS AND CONTINUES TO REDUCE DEBT
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Gaithersburg, MD, Feb. 19, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) is pleased to report that due to its increased cash flow, the Company has accelerated work on several new projects spearheaded by its learning management system (“LMS”) and artificial intelligence (“AI”) teams. These technology projects involve development work for an existing channel partner and a new corporate client. With its improving financial condition, mPhase is also increasing its bidding on additional projects that can leverage its team of experts in AI and data analysis.
The Company is adding resources in key areas of need to support these development efforts. In terms of market expansion, mPhase is working on its first project for a Japanese client, as part of a goal to expand its client-base to additional global markets. The Company expects that its new contract work will generate meaningful revenue growth in future quarters.
In response to investor questions concerning pending convertible notes, mPhase is also pleased to report that it has paid off two additional notes during February and intends to continue to pay off notes prior to their eligible conversion dates for the foreseeable future. The Company has now paid off six convertible notes since the beginning of 2021.
“Our improving cash flow is enabling us to pay down debt while simultaneously adding the resources we need to begin to grow our core business,” said mPhase CEO Anshu Bhatnagar. “Our goal for 2021 is to become a true growth company in our existing business units, then to accelerate that growth via some greenfield projects currently in development. Our revenue to date has been exceptionally steady, but our improving capital structure is finally enabling us to take on additional work that can generate new revenue sources in upcoming quarters. We will provide additional details on these developments in our upcoming corporate update.”
Financial Results and Corporate Update Conference Call
The Company expects to release its fiscal 2021 Q2 financial results on Monday, February 22, 2021, in conjunction with the filing of its Form 10-Q. Additionally, management will hold a combined investor and operational update call that will provide additional insight to the Company’s strategic plan for 2021. The date and dial in information of this call will be provided in a subsequent corporate communication.
About mPhase Technologies
mPhase is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.learningtrack.com. Please follow us on twitter: @mPhase_Tech for the latest updates.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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