Gaithersburg, MD, Feb. 25, 2020 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC: XDSL) (“mPhase” or the “Company”) is pleased to announce that is has been approved to begin trading on the OTCQB Market, beginning February 25, 2020. The OTCQB (also called The Venture Market) is the middle tier of the OTC. Upgrading to the OTCQB is considered a positive step due to its more stringent qualifying and ongoing reporting requirements.

“Qualifying for the OTCQB is tangible evidence of our rapid evolution toward becoming a leading technology growth stock,” explained mPhase CEO Anshu Bhatnagar. “Since taking over the Company during January 2019, three straight quarters of revenue have been reported, setting records in each consecutive quarter. The OTCQB is the next step toward our ultimate goal to list on the Nasdaq during 2020.”

mPhase has projected $30 million in annual revenue from contracts in place in its learning segment, but expects additional revenue streams to come online during the course of the year.

“We are particularly excited about the ongoing launch of our Travel Buddhi service, which we think is going to become an attractive source for how consumers plan and experience their travel. Our strategic focus is on developing income streams that pay us twice – first through an underlying process or service, and then through the data we collect. We have some additional new lines we are close to unveiling that will be a strategic fit for this business, so the development of our capabilities in this consumer segment will continue over the next few quarters. Investors will really begin to see the full vision for this project as we reveal each layer of our strategy.”

About mPhase Technologies

mPhase is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, 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.


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