New York, NY, Feb. 04, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — mPhase Technologies, Inc. (OTC:XDSL) (“the Company”) is pleased to announce that it has filed for the formation of a new wholly owned company, mPhase Technologies India, Pvt. Ltd., an Indian corporation which will spearhead pending software and technology development for existing and newly planned projects. The initial team has already been identified and can begin work immediately, giving mPhase the ability to move forward on several strategies.
“After a review of the technology portfolio at mPhase, I realized that the company needed an in-house software capability to complete and commercialize existing technology and build new avenues for growth,” said mPhase CEO Anshu Bhatnagar. “In particular, we will need IoT (internet of things) and data collection, monetization and engagement expertise with a specific focus on machine learning and AI capabilities that is both web and device-centric, so formation of this division is an essential first step in our drive toward revenue-producing commercial products.”
mPhase Technologies India will initially have a software-development orientation and will be staffed by experienced developers from India’s most prestigious institutions. The Company has identified multiple opportunities in the battery and drug-delivery markets, along with other commercial enterprises that can benefit from continued development.
“We have important, proven technology, but in many ways, it is unfinished,” explained Bhatnagar. “The new team in India will give us a great resource to turn some of our most promising concepts into finished products.”
The Company would also like to direct shareholders to its newly revamped web site at www.mphasetech.com, which is still a work in process and will be updated frequently.
In order to help investors, partners and customers track the company’s expansion, the Company intends to post ongoing operational updates, including photos, on its Twitter feed @mPhase_Tech.
About mPhase Technologies, Inc.
mPhase Technologies, Inc. has historically engaged in technology R&D, with a particular emphasis on long-life, battery cell technology. The Company is currently transitioning into a consumer-oriented technology and services company.
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