A paid Tout always makes the best liar!!!!!!!!!!!!!!!!!!!!!!!!!!!
Relationship with Investec Ernst:
Recent press releases from XDSL (Dated 6/15/99) state that an analyst at
Investec Ernst, a broker-dealer owned by Investec, a South African
banking firm, has initiated coverage on XDSL.
This is not the case, as can be verified by speaking with the analyst in
question, John Garritty, at 800-724-0761. The actual situation is that
XDSL paid Investec Ernst to write a general overview of the company. The
stock is not being "covered" by an analyst there, as Investec was paid
specifically to write this report. Investec Ernst does not make a market
in the stock.
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Investec Ernst & Company Initiates Coverage of mPhase Technologies, Inc.
PR Newswire - June 15, 1999 11:44
NORWALK, Conn., June 15 /PRNewswire/ -- 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.
SOURCE mPhase Technologies, Inc.
/CONTACT: Sue Cifelli, Executive Vice President, Marketing & Sales of
mPhase Technologies, Inc., 1-877-MPHASETV, SueCifelli@mphasetech.com/
/Web site: ipequity.com
/Web site: investecernst.com
/Web site: mphasetech.com
In LATU069, Investec Ernst & Company Initiates Coverage of mPhase Technologies, Inc. (OTC Bulletin Board: XDSL), moved earlier today, we are advised by a representative of the company that in the first paragraph, first sentence should read, "mPhase Technologies, Inc. (OTC Bulletin Board: XDSL) announced today that Investec Ernst & Company..." rather than, "mPhase Technologies, Inc. announced today that Investec Ernst & Company..." as originally issued.
/PRNewswire -- June 15/
/Web site: ipequity.com
/Web site: investecernst.com
/Web site: mphasetech.com
(XDSL)
In LATU069, Investec Ernst & Company Initiates Coverage of mPhase Technologies, Inc. (OTC Bulletin Board: XDSL), moved earlier today, we are advised by a representative of the company that in the first paragraph, first sentence should read, "mPhase Technologies, Inc. (OTC Bulletin Board: XDSL) announced today that Investec Ernst & Company..." rather than, "mPhase Technologies, Inc. announced today that Investec Ernst & Company..." as originally issued.
/PRNewswire -- June 15/
/Web site: ipequity.com
/Web site: investecernst.com
/Web site: mphasetech.com
(XDSL)
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