mPhase Signs Agreements to Add 625 mPower Sites in Illinois

Rhea-AI Summary

mPhase Technologies (OTC Pink: XDSL) announced the addition of 625 mPower locations in Illinois through agreements with the Asian American Store Owners Association. This initiative aims to enhance the EV charging network and consumer engagement platform. Each site will initially integrate consumer engagement software and may qualify for EV charging and 5G installations, generating recurring revenue. mPhase's strategy is to establish a connected ecosystem catering to EV drivers, with further expansion planned beyond Illinois.

Positive

• Expansion of 625 mPower locations in Illinois, enhancing EV charging accessibility.
• Potential for recurring revenue from consumer engagement and additional EV & 5G installations.

Negative

• None.

Gaithersburg, MD, Oct. 13, 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 Asian American Store Owners Association of Illinois (“AASOA of Illinois”) to add 625 mPower locations in the state of Illinois. 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.

All sites will initially receive the consumer engagement portion of the ecosystem and pay a base recurring monthly fee. Following site assessments, locations with appropriate facilities will also qualify for installation of 5G and/or EV charging stations, which will generate additional monthly recurring revenue. The mix of locations includes convenience stores, gas stations, restaurants and other businesses primarily focused on serving mobile consumers.

“Many of our members own gas station properties or retail establishments tied to consumer travel, so they will be significantly affected by the steady transition to electric vehicles,” said AASOA of Illinois President Nirav Patel. “The mPower ecosystem provides a much-needed path to that future by providing our members with access to an EV driver network today. Those sites with the right facilities can also add EV charging stations and 5G to become an even bigger part of the EV experience. We believe that the mPower platform will be an essential part of our effort to future proof our Illinois locations for changes in the way that people travel and fuel.”

“Today’s release replicates our recent announcement in Florida and is part of our larger strategy to quickly populate specific geographies to build a seamless connected ecosystem catering to EV drivers,” explained mPhase CEO Anshu Bhatnagar. “While we realize that not every retail site can support EV installations, our mPower ecosystem is built on three distinct technologies, allowing retailers to adopt configurations that best suit each individual location. So, for example, a site that cannot support EV chargers can still be part of the mPower network by installing our consumer engagement component, complemented by our high-speed 5G. We are creating a new way for retailers and consumers to connect, with strong incentives for consumers to use our platform.”

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 highly effective mPower coverage in the state of Illinois, with additional expansion planned in future phases.

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.

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 did mPhase Technologies announce on October 13, 2021?

mPhase Technologies announced agreements to establish 625 mPower locations in Illinois to enhance its EV charging network.

How will the mPower locations generate revenue?

The mPower locations will generate recurring revenue through consumer engagement fees and potential additional fees from EV charging and 5G installations.

What is the mPower ecosystem?

The mPower ecosystem integrates EV charging, 5G connectivity, and consumer engagement technologies to connect retailers with consumers.

What types of businesses will host mPower locations in Illinois?

The mPower locations will include convenience stores, gas stations, and restaurants focused on serving mobile consumers.

What is the underlying strategy of mPhase Technologies with the mPower ecosystem?

mPhase aims to build a seamless connected ecosystem for EV drivers, enhancing consumer engagement and providing retailers with a path to adapt to electric vehicle trends.