Gaithersburg, MD, Oct. 11, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower 5G-enhanced electric vehicle (EV) charging network and consumer engagement platform, today announced that it has signed agreements with members of the Asian American Store Owners Association (AASOA) to add approximately 1,200 mPower locations in the State of Florida in Phase I of a statewide expansion, followed by additional locations (to be determined) in Phase II early next year. The mPower ecosystem is an integrated set of platform technologies consisting of consumer engagement software, EV charging, and 5G connectivity designed to create a beneficial link between consumers and retailers transitioning to an EV-centric future.
All sites will initially receive the consumer engagement portion of the ecosystem and pay a base recurring monthly fee. Following site assessments, locations with appropriate facilities will also qualify for installation of 5G and/or EV charging stations, which will generate additional monthly recurring revenue. The mix of locations includes convenience stores, gas stations, restaurants and other businesses primarily focused on serving mobile consumers.
“Our membership has been eager to embrace the green, EV-driven future that is coming, so mPower gives us a tremendous opportunity to begin that process today,” said AASOA President Vipul Patel. “The flexibility of this platform was a major attraction for us. Many of our owner/operators need a solution that they can use not only at multiple locations, but also with multiple kinds of businesses under different franchisee arrangements, often with national chains. mPower gives us the ability to participate in the drive toward EV adoption, even for stores that do not have the physical layout to install EV chargers. We are very excited to become first movers in the roll-out of this powerful platform in the State of Florida.”
“Today’s announcement represents a sign of things to come, as we work to quickly populate specific geographies with a broad mix of customers,” explained mPhase CEO Anshu Bhatnagar. “We will start at the state level, then go regional. It is important to remember that mPower is an interconnected ecosystem that will grow in effectiveness as we add sites, making each of our platform technologies more powerful over time. As our network expands, the potential for retailers to capture new and repeat business will also grow exponentially, giving locations access to an increasing number of mPower-connected mobile travelers. Layered on top of that, our 5G network will also expand, giving us increasing revenue opportunities in the private network and municipal markets. We expect to replicate this plan around the U.S., so the size of this Florida network represents a fast start for our ambitious growth strategy.”
While site configurations will vary under the mPhase ecosystem, the platform is designed to create multiple, monthly recurring revenue streams, with a highly affordable entry point for retailers. The number of EV and 5G installations will be determined after site surveys, but is expected to be sufficient to create highly effective mPower coverage in the State of Florida, even before anticipated in-fill activities with additional customers.
About mPhase Technologies
mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. 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.
Investor Contact:
ir@mphasetech.com
Investor Contact
Brian M. Prenoveau, CFA
MZ Group - MZ North America
561-489-5315
XDSL@mzgroup.us
www.mzgroup.us
