MPHASE REDUCES DEBT WITH ADDITIONAL CONVERTIBLE NOTES PAYMENTS
mPhase Technologies, Inc. (OTC Pink: XDSL) has successfully paid off two additional convertible notes, totaling four notes retired in January 2021, aimed at reducing debt and avoiding dilution. CEO Anshu Bhatnagar noted that the company has generated sufficient cash flow to start this process, which will facilitate the pursuit of growth opportunities. mPhase has regained reporting compliance and plans to file its next 10-Q by February 16, 2021. The company intends to defer its first investor call to discuss growth strategies after Q2 2021 filing.
- Paid off four convertible notes in January 2021 to reduce debt.
- Generated sufficient cash flow to begin debt repayment.
- Regained reporting compliance with SEC filings.
- None.
Gaithersburg, MD, Feb. 03, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) is pleased to report that it has paid off two additional convertible notes, marking the third and fourth notes retired during January 2021. All of the convertible notes were paid off to avoid dilution and reduced the Company’s overall debt. Management’s goal is to continue to pay off notes prior to their due dates to avoid further dilution.
“During 2020, we incurred some one-time costs associated with infrastructure needs as we grew our organization, but recently we have generated sufficient cash flow to begin paying down our debt,” said mPhase CEO Anshu Bhatnagar. “We believe that this strategy will better position us to pursue some important growth prospects that we are currently evaluating. Having a strong core business is proving to be an important attribute in our discussions with potential partners. The next step in our strategic plan is to enter a growth phase, so we are focusing on new revenue-producing projects in our core technology categories.”
Operational Update
As previously reported, mPhase recently regained reporting compliance through the filing of its 10-K for fiscal year 2020 and its 10-Q for Q1 of fiscal year 2021. The Company’s next 10-Q is due to be filed by February 16, 2021. Management previously planned to provide an investor call and operational update by the end of January 2021. However, due to the compressed reporting period and the nature of ongoing strategic discussions, the Company has elected to defer its first ever investor call until after the Q2 fiscal 2021 filing. The Company believes this timing will enable management to more fully explain the growth strategy for the remainder of 2021.
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; and at www.learningtrack.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.
Contacts:
Investor Contact:
ir@mphasetech.com
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