mPhase Appoints Venkat Kodumudi Chief Operating Officer

Rhea-AI Summary

mPhase Technologies (OTC Pink: XDSL) has appointed Venkat Kodumudi as Chief Operating Officer, bringing over 29 years of expertise in information technology. His previous roles include CTO at FocalCXM and Director at CGI. The company aims to diversify its revenue streams through new projects in learning, travel, and data analytics, while also hiring staff to support growth. CEO Anshu Bhatnagar expressed excitement about this leadership change during a critical period for the company.

Positive

• Appointment of experienced COO Venkat Kodumudi, expected to bring fresh perspectives.
• Focus on diversifying revenue streams through new projects in various technology sectors.
• Hiring initiatives are set to support expansion and create additional recurring revenue.

Negative

• Potential concerns regarding the continuity and integration of new leadership.

Gaithersburg, MD, May 24, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company specializing in EV charging and consumer engagement, announced that it has appointed industry veteran Venkat Kodumudi as Chief Operating Officer. Mr. Kodumudi brings over 29 years of experience in information technology senior management that includes a 14-year career as software developer and architect. Previously, he had been involved in over 5 companies and a Federal Government Agency, in the information technology industry holding positions including chief technology officer, health product practice lead, director, and deputy director for IT operations. From 2017 through May 2021, Venkat was a Director for CGI, Inc., (NYSE: GIB) an IT services company, with diverse duties including practice lead for blockchain and intelligent automation technology. From 2016 to 2017, he was CTO for FocalCXM, Inc., a company involved in building and supporting consumer engagement solutions for the Lifesciences industry.

“We are excited to have Venkat join the team during this transformational time,” said CEO Anshu Bhatnagar. “His experience in information technology, software development and intelligent automation technology aligns with our focus to diversify our revenue streams.”

The Company is actively pursuing multiple projects in its core learning, travel and data analytics businesses, its legacy battery space, and other technology categories not yet included in the current revenue forecast. mPhase is in the process of hiring engineering, sales and other support personnel in its U.S. operations to coincide with the launch of new growth initiatives designed to add additional recurring revenue sources in future quarters.

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, 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.

Investor Contact:
ir@mphasetech.com

FAQ

Who is the new COO of mPhase Technologies?

Venkat Kodumudi has been appointed as Chief Operating Officer.

What experience does Venkat Kodumudi bring to mPhase Technologies?

He has over 29 years of experience in information technology, including senior management roles in multiple companies.

What are mPhase Technologies' goals with the new COO?

The company aims to diversify its revenue streams and support growth initiatives.

What sectors is mPhase focusing on for future projects?

The company is pursuing projects in learning, travel, data analytics, and legacy battery technology.

When was the press release announcing Venkat Kodumudi's appointment made?

The press release was issued on May 24, 2021.