mPhase Signs Agreements to Add 1,440 mPower Sites in Virginia

Rhea-AI Summary

mPhase Technologies (OTC Pink: XDSL) has announced the signing of agreements to add around 1,440 mPower charging locations across Virginia in collaboration with the Virginia Asian American Store Owners Association (VAASOA). This expansion is part of their mPower ecosystem, integrating consumer engagement software, EV charging, and 5G connectivity. mPhase aims to generate monthly recurring revenue from these sites, which will include convenience stores and gas stations. The company is also exploring further network expansion in Virginia.

Positive

• Signing agreements for approximately 1,440 mPower locations in Virginia.
• Expected monthly recurring revenue from each mPower site.
• Flexible platform configuration catering to various site characteristics.

Negative

• None.

Gaithersburg, MD, Nov. 15, 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, today announced that it has signed agreements with members of the Virginia Asian American Store Owners Association (VAASOA) to add approximately 1,440 mPower locations in the State of Virginia. The mPower ecosystem is an integrated set of platform technologies consisting of consumer engagement software, EV charging, and 5G connectivity designed to create a beneficial link between consumers and retailers transitioning to an EV-centric future.

After an assessment period, appropriate sites will be added to the mPower ecosystem via the consumer engagement platform and/or the installation of EV charging stations and 5G, with the configuration dependent upon specific site characteristics. mPhase will generate monthly recurring revenue from each member site. The mix of locations includes convenience stores, gas stations, restaurants and other businesses primarily focused on serving mobile consumers.

“Preparing for the changes that EV will bring is a major topic for our members, so the mPower ecosystem offers us a great solution set that can serve the needs of many different kinds of companies in our association,” said VAASOA Chairman Minesh Patel. “We really like the flexibility of this platform, which allows each site to tailor its configuration to suit the specific characteristics of their facility and property. This is really important, because even members without the physical space to install EV charging can still participate in a network dedicated to supporting the EV experience. The timing could not be better as many businesses begin the task of reinventing themselves for this changing retail environment. mPower gives us a great new set of tools to be successful in that transition.”

“Today’s release replicates our recent announcements in Florida and Illinois and is further proof of the scalability and repeatability of our platform,” explained mPhase CEO Anshu Bhatnagar. “Travel and commerce do not vary much state to state and region to region, so our target customers face the same issues in every market. When we show our solutions to these owner/operators, many of whom own chains of stores built over a lifetime, we see real relief at finally having a turnkey program to future-proof their businesses. With the addition of each new region our ecosystem grows more powerful, benefiting every member location via crossover customer traffic. This concept is resonating with store associations who understand the importance of a connected ecosystem to capture and create in-store visits.”

mPhase will receive recurring revenue from each mPower site, which will vary depending upon the equipment configuration and other terms specific to each location. The number of EV and 5G installations will be determined after site surveys, but is expected to be sufficient to create comprehensive mPower coverage in the State of Virginia. mPhase is in talks with other entities in the state to expand its network even further, making Virginia a key area of focus during the initial roll-out of the mPower ecosystem.

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; and at www.mpower.co. 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

FAQ

What is the significance of mPhase Technologies' new agreement in Virginia?

mPhase Technologies signed agreements to establish around 1,440 mPower locations in Virginia, enabling a significant expansion of its EV charging network.

When was the mPhase Technologies press release issued?

The press release was issued on November 15, 2021.

What revenue model is mPhase Technologies implementing with the mPower network?

mPhase will generate monthly recurring revenue from each mPower location based on equipment configuration and site-specific agreements.

How does the mPower ecosystem benefit retailers?

The mPower ecosystem offers retailers a flexible platform to cater to EV consumers while enabling them to adapt to the evolving retail environment.

What is the target market for mPhase's mPower charging stations?

The target market includes convenience stores, gas stations, and restaurants, focusing on businesses that serve mobile consumers.