WELL HARDIHAR-HAR->mPhase Technologies Knows Of No Reason For Recent Decline In Stock Price; Management Has Purchased and May Continue to Purchase Shares On The Open Market
NORWALK, Conn.--(BUSINESS WIRE)--Aug. 15, 2001--mPhase Technologies, Inc. (OTCBB: XDSL), the leading designer of broadcast digital television and high-speed data solutions for the telecommunications industry, issued a statement regarding the recent volatility in the Company's stock price:
mPhase Technologies is unaware of any material developments with respect to our financial condition that are not fully reflected in its current public filings that would account for the recent decline in our stock price. We are well aware, of course, of the considerable negativity associated with the telecom sector, but we want to assure our shareholders that these events in no way reflect on the substantial attractiveness and prospects for adoption of the Traverser(TM) DVDDS(TM) by telcos seeking to protect their existing customer bases and growing into Full Service Networks (FSNs). We remain confident that the Traverser(TM) system will be a leading methodology for telcos worldwide to leverage their existing infrastructures and, at the same time, drive mPhase toward profitability. In addition, Management has purchased and may continue from time to time to purchase shares in the open market for their own accounts.
The Company pointed to market share gains made by its DSL Components Line in the past year and its belief share gains will continue, particularly with the introduction of new, cost-effective products and solutions.
mPhase is tremendously grateful for the support of our 18,000 shareholders and their confidence in our strategic plan to dominate the emerging Video-over-DSL market. We will continue to work towards successful worldwide deployment of the Traverser(TM) DVDDS(TM), together with programming content through mPhaseTelevision, with the goal of maximizing shareholder value.
About mPhase Technologies, Inc.
mPhase Technologies, the leading designer of broadcast digital television and high-speed data solutions for the telecommunications industry, operates two primary business segments, marketing its proprietary Traverser(TM) Digital Video Data Delivery System(TM) (DVDDS(TM)) and DSL Components Line to telephone companies worldwide. The Traverser(TM) DVDDS(TM) enables telephone companies to cost-effectively and reliably transmit up to 400 channels of MPEG-2 quality, broadcast (real time) digital television programming utilizing a NIP (Non Internet Protocol)-based platform, high-speed Internet access and traditional telephone service, simultaneously, over existing copper telephone lines. The Company believes that by avoiding transmission of video over traditional IP- or ATM-based networks, it possesses the capability to deliver a superior, more reliable and cost-effective video experience to the end user. The comprehensive package offered by mPhase and mPhaseTelevision.net provides telcos with turnkey systems that couple technology with content, thereby enhancing their revenue opportunities.
The Traverser(TM) DVDDS(TM) received the coveted SUPERQuest award for Most Promising New Enterprise Network Technology in the category of Networks Infrastructure Systems and Services at the Fourth Annual Awards ceremony held on June 5, 2001, at the telecommunications industry's largest trade show, SUPERCOMM2001, in Atlanta, GA.
The mPhase DSL Components Line includes a full suite of products including the mPhase iPOTS(TM) (Intelligent POTS Splitter Shelf), Test Access Shelf, traditional POTS Splitter Shelf and In-Line Filters.
Investors may obtain additional information and subscribe to notification services by referring to the Investor Information page at the mPhase Web site at www.mPhaseTech.com. More information and specific inquiries may also be directed to Michael N D Meek, Director of mPhase Corporate Communications, by calling either 877.mPhaseTV (877.674.2738 - toll-free) or 203.854.1343, or by writing to info@mPhaseTech.com.
Any statements contained in this press release that do not describe historical facts may constitute forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include the following: fluctuations in customer demand; the Company's ability to manage its growth; the risk of new product introductions and customer acceptance of new products; the rapid technological change which characterizes the Company's markets; the risks associated with competition; the risks associated with international sales as the Company expands its markets; and the ability of the Company to compete successfully in the future, as well as other risks identified in the Company's Securities and Exchange Commission filings, including but not limited to those appearing under the caption "Risk Factors" in the Company's 10-KSB and 10-QSB federal filings.
CONTACT:
mPhase Technologies
Michael N D Meek, 877.mPhaseTV
(877.674.2738 - toll-free) or 203.854.1343
info@mPhaseTech.com
KEYWORD: CONNECTICUT
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