MPHASE TO EXPAND BOARD OF DIRECTORS AND CORPORATE GOVERNANCE
mPhase Technologies (OTC Pink: XDSL) is seeking to expand its Board of Directors to enhance corporate governance, aiming for at least five members, with a majority being independent. The company plans to establish independent audit, compensation, and nominating committees and implement a robust code of conduct within 60 days. CEO Anshu Bhatnagar highlighted efforts to improve corporate governance as a strategy to attract institutional shareholders and pursue key partnerships. mPhase is focusing on growth in artificial intelligence, data analytics, legacy battery technology, and other emerging technology sectors.
- Expansion of Board of Directors expected to improve governance and attract institutional investors.
- Formation of independent committees can enhance accountability and decision-making.
- Focus on multiple growth projects in technology sectors suggests potential for future revenue increases.
- No specific details on the timeline or success of current growth projects.
- Need for substantial upgrades may reflect previous governance issues.
Gaithersburg, MD, March 04, 2021 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”) is pleased to announce that it is actively interviewing candidates to expand its Board of Directors to at least five members with a majority of such members being independent. The Company is also significantly expanding its corporate governance oversight through the formation of independent audit, compensation, and nominating committees.
In addition to these measures, mPhase is also implementing a robust code of conduct covering insider trading, business practices, and other ethical considerations applicable to all directors, officers and employees. The goal is to have these independent committees and policies in place within the next 60 days.
“We spent the first two months of 2021 working on our capital structure and new business initiatives to leverage our expertise in artificial intelligence and data analytics,” explained CEO Anshu Bhatnagar. “Improving our corporate governance is an important requirement to expand our institutional shareholder base, but it also puts us in a better position to finalize a number of important partnerships and other ventures currently under consideration. The Company will undergo a significant corporate upgrade over the next few months to support pending opportunities that we believe can layer on meaningful new sources of growth during 2021. We are currently well ahead of our strategic plan and look forward to sharing details of our efforts as soon as we are able.”
The Company is actively pursuing multiple growth projects in its core artificial intelligence and data analytics businesses, its legacy battery space, and other technology categories not yet included in the current revenue forecast.
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. 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
FAQ
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