New York, NY, March 07, 2019 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (XDSL) (“mPhase” or the “Company”) is pleased to announce the acquisition of Travel Buddhi, a technology platform focused on enhancing travel via ultra-customization tools that can tailor the travel experience in ways not previously available. The technology was originally developed by members of the new mPhase Technologies India (MTI) team and will be commercialized by that Division during 2019. This acquisition represents the first tangible product line to utilize mPhase’s growing commitment to develop real-world products via an in-house team of machine learning and artificial intelligence (AI) experts.
Travel Buddhi represents a revolutionary concept in the travel industry because it is designed to understand a traveler’s profile and react in real time to changes during travel, all while staying within the confines of personal preference and budget. The service uses proprietary software to offer curated content, craft optimized itineraries, provide multiple booking options and track the user experience. Travel Buddhi represents a brand-new style of travel planning, where an enhanced travel experience can extend from the planning stage all of the way through the end of each journey.
“This is a highly monetizable platform that can direct more layers of consumer spending during travel than other competing services. Hospitality, entertainment, retail, and transportation companies reward channels that drive traffic to their venues, so maximizing the number of those venues is a major benefit of this technology,” explained CEO Bhatnagar. “Imagine an AI-driven concierge that travels with you and can direct you to the best fit in terms of where you will stay, how you will get there, where you will eat, and what you will do – all to fit your budget, needs and desires. The site makes travel easier as a start, but also exposes users to experiences they might otherwise miss.”
Built on AI-powered itinerary algorithms, Travel Buddhi offers an industry-leading level of customization that allows collaborative trip planning (among family and friends) and crafts a fully customizable experience far beyond the bounds of other sites, which often end at the rental car counter or hotel lobby. In addition to its own technology-driven suggestions, the site also features a unique layer of travel hosts – travel agents, hotel concierges, guides and enthusiasts who can offer local expertise.
“The formation of the MTI Division and our recently announced Center of Excellence for machine learning and AI, are part of our new strategy to 1) commercialize our exiting IP and 2) to develop new technologies that can be leveraged and commercialized to become revenue-producing. We intend to use Travel Buddhi as a showcase for this effort, but it is just the first of what we hope will be a steady stream of innovative products,” said mPhase CEO Anshu Bhatnagar. “Our strategy is to focus on technology that can be enhanced by AI/machine learning and has near-term or immediate commercial potential, particularly in the evolving internet of things (IoT) universe. With Travel Buddhi ready for a global roll-out, moving this technology forward will be a high priority in the first half of 2019.”
mPhase recently filed its financial statements for the quarter ended December 31, 2018, making the Company current in terms of its filing obligations. In lieu of a conference call, mPhase intends to put out a comprehensive corporate update in the near future to discuss its strategy for 2019. The Company would also like to direct shareholders to its newly revamped website at www.mphasetech.com and to the Travel Buddhi website at www.travelbuddhi.com.
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.