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mPhase Technologies, Inc. Forms New Software and Technology Development Division

February 4, 2019

New York, NY, Feb. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mPhase Technologies, Inc. (OTC:XDSL) (“the Company”) is pleased to announce that it has filed for the formation of a new wholly owned company, mPhase Technologies India, Pvt. Ltd., an Indian corporation which will spearhead pending software and technology development for existing and newly planned projects. The initial team has already been identified and can begin work immediately, giving mPhase the ability to move forward on several strategies.

“After a review of the technology portfolio at mPhase, I realized that the company needed an in-house software capability to complete and commercialize existing technology and build new avenues for growth,” said mPhase CEO Anshu Bhatnagar. “In particular, we will need IoT (internet of things) and data collection, monetization and engagement expertise with a specific focus on machine learning and AI capabilities that is both web and device-centric, so formation of this division is an essential first step in our drive toward revenue-producing commercial products.”

mPhase Technologies India will initially have a software-development orientation and will be staffed by experienced developers from India’s most prestigious institutions. The Company has identified multiple opportunities in the battery and drug-delivery markets, along with other commercial enterprises that can benefit from continued development.

“We have important, proven technology, but in many ways, it is unfinished,” explained Bhatnagar. “The new team in India will give us a great resource to turn some of our most promising concepts into finished products.”

The Company would also like to direct shareholders to its newly revamped web site at www.mphasetech.com, which is still a work in process and will be updated frequently.

In order to help investors, partners and customers track the company’s expansion, the Company intends to post ongoing operational updates, including photos, on its Twitter feed @mPhase_Tech.

About mPhase Technologies, Inc.

mPhase Technologies, Inc. has historically engaged in technology R&D, with a particular emphasis on long-life, battery cell technology. The Company is currently transitioning into a consumer-oriented technology and services company.

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.

Contacts: Investor Contact: ir@mphasetech.com

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