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Executive to lead nanotechnology commercialization effort
mPhase Technologies, Inc. (OTCBB:XDSL), wholly owned subsidiary AlwaysReady, Inc., a pioneering company engaged in the development of advanced energy storage devices and ultra sensitive magnetometers utilizing breakthroughs brought about by nanotechnology and MEMS, today named Dr. Fred Allen as Chief Executive Officer.
AlwaysReady, Inc. was created in April 2007 to create shareholder value in mPhase's leading edge nanotechnology battery and MEMS based products.
With today's announcement Mr. Durando said: "We are pleased to attract such a formidable and accomplished executive as Dr. Fred Allen who can lead AlwaysReady, Inc.'s commercialization effort as well as to guide the introduction of new technologies."
Mr. Durando added: "Dr. Allen has everything we looked for in attracting a best-in-class CEO: brilliant leadership qualities, a significant scientific background including a specific expertise in lithium based batteries, an exceptional business track record , as well as exceptional people skills and aggressive entrepreneurial drive."
In acknowledging his appointment, Dr. Allen said: "I am excited by the opportunity to join AlwaysReady, Inc. and to drive the effort to commercialize its smart nanobattery and family of magnetometers. Our initial focus will be on prototype fabrication to test the functionality of both technologies in select applications. We look forward to building relationships with strategic partners and prospective customers who we believe will benefit from using these revolutionary technologies."
Dr. Allen has significant leadership credentials in the nanotechnology category. The author of over 35 publications and presentations and with 10 patents to his credit, Dr. Allen led the efforts of Engelhard Corporation in New Jersey in a rechargeable lithium-ion battery materials program, as well as the company's nanotechnology growth initiative that involved the pursuit of internal research and development leads, including external business opportunities in the emergent nanotechnology category.
Dr. Allen joined Engelhard in 1987 and for nearly two decades thereafter, conducted research, commercialized products and managed the company's Technology Assessment Group.
Most recently with his own consultancy, RADii Solutions, LLC, immediately prior Dr. Allen completed a term with a nanotechnology investment firm, Advance Nanotech, as Senior Vice President of Materials. Dr. Allen has over 25 years of experience working at the nanometer scale as a materials scientist with a business perspective.
Dr. Allen obtained his B.S. degree in Earth & Planetary Sciences from SUNY Stony Brook in 1979 graduating with highest honors. He went on to Harvard University as a National Science Foundation Fellow to study mineralogy and crystallography and obtained M.A. and Ph.D. degrees in Geological Sciences in 1981 and 1985, respectively. He then worked at the National Center for Electron Microscopy at Arizona State University for two years.
Dr. Allen is also Co-founder and Director of the Greater Garden State Nanotechnology Alliance (GGSNA), an association affiliated with the New Jersey Technology Council (NJTC). The organization promotes regional economic development by facilitating commercialization of nanotechnology in and around New Jersey. He is also a member of the NJTC Board, an advisor to the Mid-Atlantic Nanotechnology Alliance (MANA) and chairman of the Nanotechnology Committee of SMART (Strengthening the Mid-Atlantic Region for Tomorrow).
Mr. Durando said earlier that the nanotechnology category in coming years will evolve into a trillion dollar industry and that it was his company's intention for mPhase and its AlwaysReady, Inc. subsidiary to be well-positioned in the marketplace, to leverage their existing synergistic relationships with such leading academic and research institutions as Alcatel-Lucent Bell Labs, 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."
mPhase/AlwaysReady, Inc.'s 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 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.
About mPhase Technologies, Inc.
mPhase Technologies Inc. (OTCBB: 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.
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Rubenstein Investor Relations
Tim Clemensen, 212-843-9337
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