MPHASE REDUCES DEBT WITH ADDITIONAL CONVERTIBLE NOTES PAYMENTS
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.”
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 atwww.learningtrack.com. Please follow us on twitter: @mPhase_Tech for the latest updates.
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