mPhase Board Announces New Management Strategy

Rhea-AI Summary

mPhase Technologies (OTC Pink: XDSL) provided an operational update on August 2, 2022, announcing a significant management overhaul to foster growth. The board is implementing a refresh of upper management, including a new CEO, following a comprehensive review of its business. The company continues operations during this transition, focusing on the mPower EV+ ecosystem. Key updates include plans to install superchargers by early September and improvements in consumer engagement software. mPhase is pursuing government funding for EV projects and onboarding industry experts to accelerate deployment.

Positive

• Management overhaul aimed at accelerating growth and operational improvement.
• Expected installation of superchargers by early September.
• Pursuing government programs for funding EV charging corridor projects.
• Onboarding experts in sustainability and EV charging to improve deployment pace.

Negative

• None.

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, is providing the following operational update from the Board of Directors. As part of a multi-month review of all elements of the Company’s business, the board has decided that along with prior planned departures, mPhase required a full refresh across upper management. As a result, the board has taken actions to name a new CEO and other senior personnel in order to better position the Company for future growth.

Operational Details

In terms of operations, the Company can provide the following update:

• mPhase has continued to function during this transition phase, with essential operational staff retained to maintain progress toward building the mPower EV+ ecosystem;
• Offers are in place and have been accepted for multiple c-suite and senior advisory and operational roles;
• Board members have assumed temporary control positions during this transition period, in order to ensure a smooth changeover and continuity of operation;
• The Company expects to have its first superchargers installed by early September;
• An updated, improved version of the consumer engagement software will be completed in the next several weeks.
  

In addition to these actions, the Company has been actively applying for new government programs to access funding for EV charging corridor projects; and has bids in place for existing institutional proposals.

Incoming management members were strategically selected to match the Company’s EV+ ecosystem and include experts in sustainability, carbon credits, 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, with a goal to have a full team in place by Labor Day. This new strategy to retain industry experts is designed to allow the incoming team to begin immediate operational improvement without the need for an extended learning curve, thereby accelerating the Company’s pace of deployment. The board will provide additional updates as this plan progresses over the next several weeks.

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.

Investor Contact:
ir@mphasetech.com

FAQ

What recent management changes occurred at mPhase Technologies?

mPhase Technologies has announced a management overhaul, including the appointment of a new CEO, to better position the company for future growth.

When will mPhase Technologies install its first superchargers?

mPhase Technologies expects to have its first superchargers installed by early September.

What is the focus of mPhase Technologies' mPower EV+ ecosystem?

The mPower EV+ ecosystem focuses on electric vehicle charging, consumer engagement, and integrating data analytics to enhance user experience.

Is mPhase Technologies applying for government funding?

Yes, mPhase Technologies is actively applying for government programs to access funding for EV charging corridor projects.

What kind of expertise is mPhase Technologies seeking in its new management team?

mPhase Technologies is seeking expertise in sustainability, carbon credits, EV charging, 5G, consumer engagement, and data applications for its new management team.