Rockville, MD, Aug. 02, 2022 (GLOBE NEWSWIRE) – mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower EV+ (electric vehicle) charging network and consumer engagement platform, provides the following operational update from the Board of Directors. As part of a multi-monthly review of all elements of the company’s business, the board of directors has determined that mPhase, in addition to previously planned departures, required a complete renewal of senior management. As a result, the board of directors has taken steps to appoint a new CEO and other senior staff to better position the company for future growth.
As for the business, the company can provide the following update:
- mPhase has continued to operate during this transition phase, retaining key operational staff to maintain progress in building the mPower EV+ ecosystem;
- Offers are in effect and have been accepted for multiple c-suite and senior advisory and operational roles;
- Board members have held temporary control positions during this transition period to ensure a smooth transition and business continuity;
- The company expects to have the first superchargers installed by early September;
- An updated, enhanced version of the consumer engagement software will be completed in the coming weeks.
In addition to these actions, the company has actively applied for new government programs to access funding for EV charging corridor projects; and has prepared bids for existing institutional proposals.
Incoming executives were strategically selected to match the company’s EV+ ecosystem and include experts in sustainability, carbon credit, EV charging, 5G, consumer engagement and large-scale data applications. The process of onboarding new management is dependent on each individual’s timeline and contingencies for a start date, so announcements are expected to be staggered throughout the month of August, aiming to have a full team by Labor Day. This new strategy to retain industry experts is designed to enable the new team to immediately begin operational improvement without the need for an extensive learning curve, accelerating the company’s implementation pace. The board will provide additional updates in the coming weeks as this plan progresses.
About mPhase Technologies
mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetized link between consumers and retailers in 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. This ecosystem, branded as mPower, will amplify the way people shop, dine, refuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to the tastes and needs of each individual, with a particular emphasis on empowering the green consumer of tomorrow. mPhase also has data-driven business units that generate recurring revenues outside of the consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio planned for future development. Additional information can be found on the mPhase website, www.mphasetech.com. Follow us on twitter: @mPhase_Tech for the latest updates.
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