mPhase Technologies, Inc. Names New CEO, Announces Change in Strategic Direction


New York, NY, Jan. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- mPhase Technologies, Inc. (OTC:XDSL) (“the Company”) is pleased to announce that Anshu Bhatnagar has joined the Company, effective January 11, 2019, as its Chief Executive Officer. Ronald Durando has stepped down from his role as CEO, but will work with the incoming team to ensure a smooth transition. Mr. Bhatnagar is a veteran financial professional and will spearhead the Company’s transition to a new model focused on growth technology businesses with current revenue potential. This transition will mark a significant change in strategy away from an R&D-centric focus. Mr. Bhatnagar is currently the CEO of Verus International (VRUS), a global consumer products company, and will continue in that role while also heading the company-building stage at mPhase.

“I would like to thank the mPhase Board and management for entrusting me with the task of taking the Company in a new direction. I will be working closely with Ron Durando and other members of the team during this transition and in our efforts to monetize key pieces of technology within the mPhase portfolio,” explained Bhatnagar. 

In other corporate developments, management is reporting that the previously reported LOI with Scepter Commodities, LLC for the proposed acquisition of 80% of mPhase will be contemporaneously pursued and, if completed, require shareholder approval.

“I met Anshu for the first time during the Scepter discussions and quickly became very impressed with his knowledge of the technology industry, public markets and his financial acumen,” said Ron Durando. “I believe that he can bring greater value to mPhase and its shareholders far beyond the contemplated Scepter merger.  We believe that investors will share our enthusiasm for the new direction that mPhase will be taking in 2019.  I look forward to working with Anshu and supporting him in his strategic initiatives.” 

The company’s strategy will include the following elements: 

  • The new mPhase will focus on scalable consumer technology
  • Pursue monetizing existing Smart Surface IP
  • Seek out other high-growth opportunities in the technology space
  • Continue to eliminate liabilities and improve the financial structure
  • Become an institutional-quality public company

“In addition to pursuing the Scepter transaction, mPhase will implement a refined strategic plan that will focus on creating real-time consumer engagement by combining location-based technologies, artificial intelligence, machine learning and other advanced technologies to redefine some very familiar and significant global markets,” said CEO Bhatnagar. “We have identified a very exciting space and are assembling a team to create some novel product offerings with global appeal while leveraging the most promising technology in the mPhase portfolio. But instead of relying on open-ended R&D to create shareholder value, we intend to form a robust business that can support the best parts of the mPhase legacy, while implementing strategies that will lead to near-term revenue and a shorter path to profitability. We look forward to unveiling those strategies in the coming weeks.”

mPhase has completed late-stage discussions with potential merger and acquisition candidates, which are complementary to each other on an operating basis. The Company will provide additional details on its revised strategy in future releases. 

In order to help investors, partners and customers track the company’s product line expansion, mPhase intends to post ongoing operational updates, including photos of packaging and in-store displays, on its Twitter feed @mPhase_Tech.

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.

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