Home > Press > mPhase Technologies To Create AlwaysReady, Inc., Separately Traded, Public Nanotechnology Company
mPhase Technologies, Inc. (OTCBB:XDSL) today announced that it is creating a new 100% wholly owned subsidiary called, AlwaysReady, Inc. to potentially unlock the value to shareholders of its leading edge nanotechnology and MEMS based products. mPhase in August 2006 had previously announced that its Board of Directors had approved the separation of its ultra-sensitive magnetometer business into a separately traded public company.
mPhase Technologies To Create AlwaysReady, Inc., Separately Traded, Public Nanotechnology Company
Little Falls, NJ | Posted on April 17th, 2007
"The combined strengths of our innovative Smart Nanobattery and our Ultra Sensitive Magnetometer led us to the decision to keep these two business together," said Ronald A. Durando, mPhase Chief Executive Officer and President. "We firmly believe this strategy will unleash potentially hidden value to shareholders."
Mr. Durando said that further information about mPhase's significant recapitalization program would be provided to the investment community over the course of the next several weeks.
"In the coming years, the nanotechnology category will evolve into a trillion dollar industry," Mr. Durando said, "and we are re-structuring accordingly to be well-positioned in the marketplace, to streamline our operational activities and to leverage our existing synergistic relationships with such leading academic and research institutions as Rutgers, the State University of New Jersey; and such defense-oriented entities such as Lockheed Martin, Northrop Grumman and the U.S. Army Armament Research, Development, and Engineering Center (ARDEC) at Picatinny, New Jersey"
Mr. Durando said that the value of the new 100% owned entity, AlwaysReady, Inc., could exceed the entire value of mPhase as it is today. It is contemplated that the new entity will become a separately traded company through the filing of a registration statement with the Securities and Exchange Commission.
A new management team will be identified to lead the new company, which will be able to focus on leveraging intellectual property created in mPhase's Smart Nanobattery and Magnetometer, potentially enabling acceleration to market.
The new Smart Nanobattery architecture promises an energy source that can be packaged in various configurations, with shelf life potentially lasting decades, yet still able to be activated almost instantaneously on demand. Various battery designs based on this technology may deliver a new and unique component for system design across many fields, including defense, industrial and consumer electronics.
mPhase Technologies' innovative magnetometer designs exhibit a level of sensitivity unparalleled by commercial magnetometers. Acting much like a miniature tuning fork or oscillator, with movements only perceptible under a microscope, the magnetometer prototype detects changes in magnetic fields, which is important in many applications that need to establish direction of movement of magnetic objects.
Initial applications for such magnetometers are centered on national defense and homeland security. Among civilian uses might be sporting venues, where physical bag searches could be eliminated to speed security screenings in high-traffic entrances. The technology also lends itself to enhancing mobile phone global positioning (GPS) capabilities with direction-finding applications.
"The world has changed and we must change with it," Mr. Durando said. "This also includes our view of national security issues. The major threats today come not from nations but from individuals from rogue elements. This increased understanding dovetails importantly with the increased sensitivity of our products tasked with homeland security applications. For this reason, we have chosen to compartmentalize our smart nanobattery and magnetometer activities into an independent company and to devote significant resources to their manufacturing and deployment. "
The new entity will be organized under the laws of the State of New Jersey and be called AlwaysReady, Inc. Pursuant to Section 351 of the IRS Code, mPhase will contribute in a tax-free transaction the two Lucent Nanotechnology Contracts for the magnetometer and the battery R&D in exchange for 100% of the stock of the new subsidiary.
About mPhase Technologies, Inc.
mPhase Technologies Inc. (OTC: XDSL) develops and commercializes next-generation media-rich entertainment software and nanotechnology solutions, delivering novel systems to the marketplace that advance functionality and reduce costs. The company was awarded the Frost & Sullivan 2006 Energy Storage Award for the Nanobattery in September and earlier received the 2005 Frost & Sullivan Excellence in Technology Award, and the Nano 50 Award from NASA Nanotech Briefs, is bringing nanotechnology out of the laboratory and into the market with a planned innovative long life power cell. Additionally, the company is working on prototype ultra-sensitive magnetometers that promise orders of magnitude increases in sensitivity as compared with available un-cooled sensors. More information is available at the mPhase Web site at http://www.mPhaseTech.com
Safe Harbor Statement
This news release contains forward-looking statements related to future growth and earnings opportunities. Such statements are based upon certain assumptions and assessments made by management of the companies mentioned in light of current conditions, expected future developments and other factors they believe to be appropriate. Actual results may differ as a result of factors over which the companies have no control.
For more information, please click here
Rubenstein Investor Relations
New York,NY 10105
Media Contact: Public Relations:
New York, NY 10105
Copyright © mPhase Technologies, Inc.
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Harris & Harris Group Letter to Shareholders on Website August 19th, 2014
Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014
Aspen Aerogels, Inc. to Present at Canaccord Genuity 34th Annual Growth Conference August 11th, 2014
Harris & Harris Group Reports Financial Statements as of June 30, 2014 August 10th, 2014
Rice physicist emerges as leader in quantum materials research: Nevidomskyy wins both NSF CAREER Award and Cottrell Scholar Award August 20th, 2014
Graphene may be key to leap in supercapacitor performance August 20th, 2014
Newly-Developed Nanobiosensor Quickly Diagnoses Cancer August 20th, 2014
Ultrasonic Waves Applied in Production of Graphene Nanosheets August 20th, 2014
New material could enhance fast and accurate DNA sequencing August 13th, 2014
On the frontiers of cyborg science August 10th, 2014
Advanced thin-film technique could deliver long-lasting medication: Nanoscale, biodegradable drug-delivery method could provide a year or more of steady doses August 6th, 2014
Air Force’s 30-year plan seeks 'strategic agility' August 1st, 2014
Iranians Find Novel Method for Processing Highly Pure Ceramic Nanoparticles August 12th, 2014
PerkinElmer to Display Innovative Detection and Informatics Offerings at ACS National Meeting & Exposition Detection, Data Visualization and Analytics for Chemistry Professionals August 8th, 2014
Nanostructured metal-oxide catalyst efficiently converts CO2 to methanol: Highly reactive sites at interface of 2 nanoscale components could help overcome hurdle of using CO2 as a starting point in producing useful products July 31st, 2014
University of Manchester selects Anasys AFM-IR for coatings and corrosion research July 30th, 2014
Graphene may be key to leap in supercapacitor performance August 20th, 2014
Could hemp nanosheets topple graphene for making the ideal supercapacitor? August 12th, 2014
Cylinder scanning system used in the ZylScan-System of the Breitmeier Messtechnik Company August 5th, 2014
Used-cigarette butts offer energy storage solution August 5th, 2014