XDSL--Given another "Buy" rating with current valuation of $11.
Eric
(BSNS WIRE) Investec Ernst & Company Initiates Coverage of mPhase Techno
Investec Ernst & Company Initiates Coverage of mPhase Technologies Inc.
Business Editors
ATLANTA--(BUSINESS WIRE)--June 15, 1999--mPhase Technologies
Inc. announced today that Investec Ernst & Company, a New York based
broker-dealer, has initiated coverage of their company.
Investec Ernst & Company technology analyst John J. Garrity
initiated coverage of mPhase Technologies, Inc. citing the following:
"mPhase Technologies, Inc. is a communications equipment company
whose products facilitate the convergence of Video, Voice, and Data
services over the existing copper telephone wires through a dedicated
bandwidth solution. Using its proprietary hardware, mPhase offers a
specific type of DSL called Rate Adaptive Digital Subscriber Line
(RADSL), allowing high-speed data transmission at speeds up to 6Mbps
downstream and up to 1Mbps upstream, increasing throughput up to 200
times faster than an existing 28.8 Kpbs internet connection. mPhase's
DSL technology is unique in that it enables simultaneous delivery of
high-speed Internet access, digital video, and telephone
communications over an existing telephone line on an unshared
platform. Potential applications made possible by mPhase's products
include video teleconferencing, remote education, tele-medicine, and
e-commerce."
"Given mPhase's development stage status, an earnings model is
inappropriate. The company is a pure technology play and can not be
valued using traditional methods. As an alternative, we looked at the
public market valuations of stand alone DSL companies. Comparable
publicly traded providers of DSL technology have an average market
capitalization of $206 million. Therefore, if mPhase were to be valued
on a comparable basis, it would sell for $11," added Garrity.
Contact Information for Investec Ernst & Company can be found at
investecernst.com
About mPhase Technologies Inc.
mPhase Technologies Inc. (http://www.mphasetech.com) is a leader
in the emerging market for high-speed Internet access and digital
television delivery and provides data transmission at speeds up to 250
times faster than an existing 28.8K Internet connection allowing
high-speed Internet access, digital television delivery, and telephone
communications to be conducted over an existing telephone line.
Disclaimer:
Investec Ernst & Company may make markets or have positions in
the securities mentioned herein or options with respect hereto and may
also have performed investment banking services for the issuers of
such securities. In addition, employees of Investec Ernst & Company
may have positions and effect transactions in the securities or
options of the issuers mentioned herein and may serve as Directors of
such issuers. Investec Ernst & Company has performed financial
consulting services for mPhase Technologies, Inc.
--30--lc/sd*
CONTACT: mPhase Technologies, Inc.
Sue Cifelli, 1-877-MPHASETV
SueCifelli@mphasetech.com
KEYWORD: GEORGIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET
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