Gaithersburg, MD, June 30, 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, announces the first phase of its mPower roll-out with newly-signed customers. The initial stage of this roll-out will involve multiple pilot programs strategically selected to demonstrate the effectiveness of the platform’s consumer engagement technology component across a broad selection of retailers, ranging from small regional chains to national brands. The goal is to begin these pilots in early July, with an initial 180-day test period to follow.
The Company’s patented anonymous engagement technology allows retail locations to convert their Wi-Fi and app into an affordable AI-driven customer engagement tool that tailors promotions to individual consumer preferences. This powerful tool, which has already been developed and tested, will be a central part of the mPower ecosystem. The concept behind this ecosystem is to provide consumers with targeted products or services while they are mobile or during the time they are charging their vehicle; while also giving retailers opportunities to drive foot traffic into their stores. To facilitate this ecosystem, the Company will install mPower-branded EV and 5G equipment at suitable locations to monetize additional points of contact. Pilots for EV/5G sites will be announced in the second phase of the roll-out.
mPhase is designing pilots for grocery stores, malls, restaurants, convenience stores and similar high-traffic sites with EV/5G compatibility. The size of each new pilot will vary, depending upon the individual goals of the franchisee or corporate owner, the identities of which will be revealed at a future date for competitive reasons. The long-term goal is to establish the mPower brand as a preferred partner for both retailers and consumers seeking a pathway to improve the transition into an EV-centric future.
The Company has already received a significant number of customer requests to host supercharger sites, which will feature mPower EV charging stations and ultra-high speed 5G. Management is currently selecting the ten most suitable pilot locations based on sustainable, high traffic flow and proximity to retailers who are best suited to be part of the consumer engagement platform. Each segment of this ecosystem will be built out simultaneously, giving mPhase the ability to add both current and future EV owners to the ecosystem. The Company believes that it has the necessary equipment, installation and support partners to facilitate a rapid expansion program. 5G functionality tied to the mPower sites will be implemented selectively under separate co-location pilot programs.
“Today is the beginning of our all-important zero-to-one moment, where we officially launch the pilots that will evolve into our commercial offering in the EV charging space,” said mPhase CEO Anshu Bhatnagar. “The one thing we have in abundance is potential locations, as many retailers are anxious to embrace the green consumer today, while also future-proofing for an EV-centric environment that will take years to develop. Our ability to drive foot traffic gives retailers a major incentive to adopt at least a portion of our technology today, but we are also offering a turnkey path for the thousands of retail locations that are ready for EV charging. We are selecting our initial pilots carefully, to demonstrate the effectiveness of our platform across many different retail categories. These test locations also represent the first step towards gaining traction within much larger chains and franchisee networks. We are already in discussions with a long list of potential chain partners, so our strategy reflects the needs of these major retailers. After many months of planning, we are excited to officially launch the mPower brand, which we believe will raise the bar for consumer satisfaction in the EV space and give retailers a powerful new tool to drive traffic into their stores.”
The Company is incorporating additional features into the mPower software to make the platform as universally deployable as possible within the established EV universe. The consumer engagement portion of this platform is not dependent on electric vehicle ownership and can grow at its own pace as it is deployed, but will reach its full potential within the mPower ecosystem. As a result, today’s announcement marks the start of multiple potential new recurring revenue streams that are expected to begin contributing to revenue during 2021.
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. 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.
Contacts:
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