LITTLE FALLS, NJ–(March 1, 2012) – mPhase Technologies, Inc. (OTCBB: XDSL) today announced that it has extended the engagement of FIRST PRINCIPALS, INC. (FPI), a world-class technology appraisal and commercialization enterprise located in Cleveland, Ohio, to continue its complete economic and strategic evaluation of mPhase’s Patent Portfolio and identify a broad array of potential innovative products for “smart surfaces.” In addition, FPI is actively assisting the Company in identifying a large well capitalized corporate strategic partner to make a new and significant strategic investment in mPhase .
“We believe that the retention of FPI will aggressively continue the validation process critical to further establish the company’s intellectual property which is currently appraised by FPI well in excess of the current market value of mPhase in the public equity markets. We continue to focus upon potential applications for mPhase’s ‘smart surfaces’ technology which include drug delivery and other applications outside of energy storage devices,” said Ronald A. Durando, President and Chief Executive Officer of mPhase. In addition, mPhase anticipates that its future overall product mix targeted towards the automotive, marine, healthcare and communications sectors.
About mPhase Technologies, Inc.
mPhase Technologies is introducing a revolutionary Smart Surface technology enabled by breakthroughs in nanotechnology, MEMS processing and microfluidics. Our Smart Surface technology has potential applications within drug delivery systems, lab-on-a-chip analytic systems, self-cleaning systems, liquid and chemical sensor systems, and filtration systems. mPhase has pioneered its first Smart Surface enabled product, the mPhase Smart NanoBattery.
In addition to the Smart Surface technology, mPhase recently introduced its first product, the mPower Emergency Illuminator, an award-winning product designed by Porsche Design Studio and sold via the mPower website: http://www.mpowertech.com.
More information about the company can be found at http://www.mPhaseTech.com.
# # #
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company’s products in the market; the Company’s success in technology and product development; the Company’s ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company’s SEC filings, including the financial statements and related information contained in the Company’s SEC Filing. mPhase assumes no obligation to update the information in this release.