New York, NY , April 02, 2019 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (XDSL) (“the Company”) is pleased to issue the following strategic outlook for 2019. The purpose of this commentary is to familiarize shareholders with the changes that are in progress at mPhase and to provide an overview of the strategy and goals for the coming year.
Even prior to taking control of the Company, the new management team led by CEO Anshu Bhatnagar came to the realization that mPhase had a valuable portfolio of intellectual property (IP) and patents, the result of more than a decade of effort and $121 million in development costs. The team concluded that some of this technology could be commercialized relatively quickly if it underwent modification and modernization. Management also determined that before monetizing this promising IP, mPhase would need to assemble an engineering team to design, build, test and commercialize such devices, which would need to be “smart” and “connected.” Thus, in addition to an engineering team, we would have to assemble a team of experts in such areas as artificial intelligence and machine learning (AI/ML), and other disciplines associated with the internet of things (IoT).
These new units will not be cost centers, but profit centers designed to generate revenue within the first fiscal quarter of their formation. The first step in the process is to form a strategic tie-up with an IoT-centric smart automation solution engineering firm. We are happy to announce we have found such a firm and after multiple meetings are working towards a formal affiliation.
The formation of mPhase Technology India (MTI) and the associated Center of Excellence for Artificial Intelligence and Machine Learning were the next steps in this process. The primary goal is straightforward – to establish mPhase as a leading expert in IoT technology, giving us not only the ability to serve in-house development needs, but also to perform outsourced work for firms with similar needs. This will enable MTI to become a profit center within the first fiscal quarter of its formation. Over time, mPhase hopes to build a body of IP specific to the AI/ML space that will span multiple industries and can be licensed or used for ongoing commercialization of mPhase-affiliated products.
“We are bringing a new culture to mPhase where rapid commercialization and revenue generation are the short-term goals of every business unit. As part of that strategy, we want to go beyond the buzz words and build a true reputation as experts in AI/ML. We hope to announce some key hires in the near future who will immediately put mPhase on that part of the technology map,” explained CEO Bhatnagar. “The age of the smart device has arrived and we intend to benefit from that trend. We are creating an infrastructure under which we can conceive, design, and build prototype products that have commercial potential, with the monetizable software as an important revenue-generating byproduct. We intend to move quickly, so we are also in talks with potential synergistic acquisitions that can immediately boost our talent pool and supplement our engineering skills.”
For 2019, the Company is targeting the following goals:
- Assemble the personnel and infrastructure to become a key player in AI/ML/IoT, specifically in machine learning and artificial intelligence, to commercialize the mPhase portfolio
- Generate revenue within one quarter at each subsidiary
- Seek out partners to monetize existing mPhase technology and patents
- Develop outsourcing capabilities to generate additional revenue
- Explore synergistic acquisitions and merger opportunities to quickly add talent in our areas of need
“One of our first tasks after taking over the company was to seek outside opinion on the commercial potential of the mPhase technology. The results of our initial vetting process were highly encouraging,” said CEO Bhatnagar. “Specifically, I can confirm that we are already in talks with an international drug company to monetize the mPhase drug delivery patent and are exploring opportunities with other strategic partners for additional applications. This transdermal, needleless delivery system in particular has blockbuster potential, so I am looking forward to giving investors some insight into our plans in the life sciences space in coming quarters. We have prioritized the revenue potential from within the mPhase portfolio and will move quickly on those opportunities with the shortest timeframes, so this is an example of just one of the targets we are exploring.”
mPhase is currently completing its initial organizational changes and will begin the process of updating the corporate website and investor presentation in the near future.
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.