Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > mPhase Technologies To Create AlwaysReady, Inc., Separately Traded, Public Nanotechnology Company

Abstract:
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

Contacts:
Investor Relations:

Tim Clemensen
Rubenstein Investor Relations
New York,NY 10105
(212)843-9337


Media Contact: Public Relations:

Peter Hamilton
Rubenstein Associates
New York, NY 10105
(212) 843-8015

Copyright © mPhase Technologies, Inc.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Investments/IPO's/Splits

Nanometrics to Participate in the 8th Annual CEO Investor Summit: Investor Event Held Concurrently with SEMICON West 2016 in San Francisco June 22nd, 2016

Artificial synapse rivals biological ones in energy consumption June 21st, 2016

NanoLabNL boosts quality of research facilities as Dutch Toekomstfonds invests firmly June 10th, 2016

Nanometrics Announces Upcoming Investor Events May 10th, 2016

Announcements

Superheroes are real: Ultrasensitive nonlinear metamaterials for data transfer June 25th, 2016

Russian physicists create a high-precision 'quantum ruler': Physicists have devised a method for creating a special quantum entangled state June 25th, 2016

Nanoscientists develop the 'ultimate discovery tool': Rapid discovery power is similar to what gene chips offer biology June 25th, 2016

Ultrathin, flat lens resolves chirality and color: Multifunctional lens could replace bulky, expensive machines June 25th, 2016

Military

Nanoscientists develop the 'ultimate discovery tool': Rapid discovery power is similar to what gene chips offer biology June 25th, 2016

Ultrathin, flat lens resolves chirality and color: Multifunctional lens could replace bulky, expensive machines June 25th, 2016

Scientists engineer tunable DNA for electronics applications June 21st, 2016

Marrying superconductors, lasers, and Bose-Einstein condensates: Chapman University Institute for Quantum Studies (IQS) member Yutaka Shikano, Ph.D., recently had research published in Scientific Reports June 20th, 2016

Industrial

Industrial Nanotech, Inc. Signs Agreement With and Receives First Purchase Order from Major New Customer in China June 6th, 2016

GLOBALFOUNDRIES to Expand Presence in China with 300mm Fab in Chongqing: Company plans new manufacturing facility and additional design capabilities to serve customers in China May 31st, 2016

Finding a new formula for concrete: Researchers look to bones and shells as blueprints for stronger, more durable concrete May 26th, 2016

Solliance realizes first up-scaled Perovskite based PV modules with 10% efficiency: Holst Centre, imec and ECN pave the road to upscaling Perovskite PV modules May 10th, 2016

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

Stanford researchers find new ways to make clean hydrogen and rechargable zinc batteries June 18th, 2016

Efficient hydrogen production made easy: Sticking electrons to a semiconductor with hydrazine creates an electrocatalyst June 17th, 2016

A New Approach To Building Efficient Thermoelectric Nanomaterials June 17th, 2016

Novel energy inside a microcircuit chip: VTT developed an efficient nanomaterial-based integrated energy June 10th, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic