mPhase Technologies Announces Prepayment of Convertible Debt

Rhea-AI Summary

Gaithersburg, MD, Feb. 07, 2022 – mPhase Technologies (OTC Pink: XDSL) has initiated the prepayment of its fixed-rate Convertible Promissory Notes held by Evergreen Capital Management. A cash prepayment of $1,000,000 has reduced the outstanding debt under these notes to $1,343,873. CEO Anshu Bhatnagar stated that this move is part of the company's strategy to enhance its capital structure and mitigate future dilution. This step is seen as a positive indicator of mPhase's financial strength and commitment to boosting shareholder value as it prepares for anticipated growth in 2022.

Positive

• Prepaid $1,000,000 of debt, reducing total outstanding notes to $1,343,873.
• Step taken to improve capital structure and mitigate future shareholder dilution.
• Indicates improving financial strength and commitment to shareholder value.

Negative

• None.

Gaithersburg, MD, Feb. 07, 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 pleased to announce that it has begun prepaying its fixed-rate Convertible Promissory Notes held by Evergreen Capital Management LLC.

As of February 7, 2022, mPhase has prepaid in cash $1,000,000 of its fixed-rate Convertible Promissory Notes made in favor of Evergreen Capital Management. As a result of the prepayment, the Company’s total outstanding indebtedness at face value under such notes, as of February 7, 2022, was reduced to $1,343,873. mPhase intends to pay down in cash the remaining amounts owed under these notes in the next few months.

“One of our key goals for 2022 was to improve our capital structure in advance of what we believe will be a historic growth curve for our company,” said mPhase Chief Executive Officer, Anshu Bhatnagar. “Today’s announcement reflects an important step in that direction and towards better locking down our share structure to avoid future dilution, as we begin to implement the next phase of our growth strategy. Our ability to prepay our convertible debt is also an indicator of our improving financial strength and commitment to building shareholder value.”

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, supplemented by an ESG-compliant Marketplace that incentives eco-friendly actions. 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
Brian M. Prenoveau, CFA
MZ Group - MZ North America
561-489-5315
XDSL@mzgroup.us
www.mzgroup.us

FAQ

What was mPhase Technologies' recent financial move regarding its debts?

mPhase Technologies prepaid $1,000,000 of its fixed-rate Convertible Promissory Notes, reducing outstanding indebtedness to $1,343,873.

How does the prepayment of Convertible Promissory Notes affect mPhase's future?

The prepayment is intended to enhance mPhase's capital structure and reduce the risk of future shareholder dilution as the company prepares for growth.

What is the current outstanding debt of mPhase Technologies?

As of February 7, 2022, mPhase Technologies' outstanding debt under fixed-rate Convertible Promissory Notes is $1,343,873.

What does mPhase Technologies aim to achieve in 2022?

mPhase aims to improve its capital structure in anticipation of a significant growth curve in 2022.

What does mPhase Technologies do?

mPhase Technologies is developing the mPower EV+ charging network and consumer engagement platform, focusing on electric vehicles and data-driven consumer interactions.