Home > Press > mPhase Technologies to Discuss 10% Equity Stake Acquisition of Sovereign Tracking Systems LLC in Wednesday Webcast
mPhase Technologies, Inc. (OTCBB:XDSL), ( http://www.mphasetech.com ) will conduct a webcast on Wednesday, August 29th to present to the investment community its rationale for a 10% equity stake acquisition of Sovereign Tracking Systems LLC. Announcement of the webcast was made today by Ronald A. Durando, President and Chief Executive Officer of mPhase Technologies, Inc.
mPhase Technologies to Discuss 10% Equity Stake Acquisition of Sovereign Tracking Systems LLC in Wednesday Webcast
Little Falls, NJ | Posted on August 28th, 2007
DATE: Wednesday, August 29, 2007
TIME: 10:00AM-10:30AM (EDT)
TITLE OF PRESENTATION: "Sovereign Acquisition/Nanobattery
mPhase in February announced its intention to create a version of its Smart Nanobattery optimized for use in its active RFID (Radio Frequency Identification)/RTLS (Real-Time-Location-System) applications. Last week the company announced its acquisition of a ten percent (10%) interest in Sovereign Tracking Systems, LLC, (www.sovtechcorp.com). Sovereign is a small, privately held NJ-based cutting-edge technology company specializing in real-time asset management tracking technologies, supported by inexpensive active (RFID/RTLS) Tags.
Financial terms of the 10% Sovereign equity acquisition will be disclosed by Mr. Durando during the webcast, in addition to the presentation of a progress report on mPhase/AlwaysReady, Inc.'s commercialization efforts for its Smart Nanobattery technology.
According to Mr. Durando: "We are very excited about our 10% Sovereign equity acquisition. Sovereign offers a complete product in its first-rate RFID/RTLS technology with hardware and software having wide business applicability. Its linkage, now with mPhase functioning as an incubator, will assist us in establishing what we believe will be a pre-emptive positioning in the active RFID/RTLS market well-suited for using our Smart Nanobattery technology."
Mr. Durando continued: "Prior to this, an issue with active RFID/RTLS was that it required an efficient and versatile power source. Sovereign Tracking Systems, LLC is an ideal fit with mPhase Technologies/AlwaysReady, Inc. Heretofore, RFID/RTLS batteries were subject to shelf life power drainage and other power management issues. With our battery technology, an RFID/RTLS tag can remain on the shelf for very long periods and not draw down on the battery until first-time tag activation."
RFID/RTLS is a radio transmitter sensor technology used for security and tracking, monitoring and control systems. Active tags are used to keep track of high value inventory items and capital assets, such as shipping containers, medical equipment and automobiles. RFID/RTLS has a distinct utilization for monitoring high-end medical inventory and for many other uses within a healthcare facility setting including asset management and utilization.
At the time of the equity acquisition, Mr. Durando stated: "mPhase's 10% acquisition of Sovereign Tracking Systems, LLC from a strategic viewpoint makes sense in so many ways. Sovereign has a very strong patent position in the category of active, real-time tracking systems that use RFID/RTLS tags to secure high-end asset and personnel tracking and monitoring systems. We see a unique opportunity here with mPhase's new Smart Nanobattery. We look forward to leveraging the Sovereign acquisition to solidify our positioning in the marketplace and to enhance shareholder value."
mPhase's new Smart Nanobattery architecture promises an energy source that can be packaged in various configurations, with shelf life lasting decades, yet still able to be activated on demand. This has a distinct relevance with active RFID/RTLS applications. Various battery designs based on this technology may deliver a new and unique component for system design across many fields, including defense, healthcare, industrial and consumer electronics.
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 Energy Storage Award for the Nanobattery in 2006 and the Frost & Sullivan Excellence in Technology Award in 2005, and the Nano 50 Award from NASA Nanotech Briefs. mPhase Technologies 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.
About Sovereign Tracking Systems: Sovereignís Real-Time-Location-Systems (RTLS) / Real-Time Asset Management applications have been installed worldwide including such applications as hospitals and healthcare facilities, manufacturing, prisons, warehousing, and the airline industry.
Sovereignís President and CEO William A. Robinson was one of the founding fathers of the "Global Positioning Systems" (GPS) technology. Inspired by the limitation of the GPS technology (it would not track under cover), Mr. Robinson began to formulate a concept for a reverse GPS, in which small "Satellites" (readers) could be placed in an indoor or outdoor environment allowing for tracking, monitoring and control undercover. With this technology conceived and a desire to turn his dream into reality, in early 1996 Bill Robinson founded Sovereign Technologies Corporation. As the technology continued to evolve it caught the interest of the United States military and in June of 1997, Sovereign Technologies Corporation was awarded the U.S. Army's Advance Monitoring Display System (AMDS) contract. Sovereign was then developing software to support the US Army's ground and Ariel sensors on the battlefield.
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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Peter M. Hamilton
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