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President's Council of Advisors on Science and Technology Showcases Smart NanoBattery as Prime Example of Emerging Nanotechnology
mPhase Technologies, Inc. (OTCBB: XDSL), the developer of Power on Commandô battery technologies, had its Smart NanoBattery presented as part of a series of new innovative nanotechnology products at an Office of Science and Technology briefing for President Obama held at the White House on March 12, 2010. The purpose of the briefing was to provide the President with an update on the National Nanotechnology Initiative (NNI) budget for 2011.
mPhase's Smart NanoBattery had been selected by the NanoBusiness Alliance to be included among the new nanotechnologies showcased at the President's Council of Advisors on Science and Technology (PCAST) March 12 meeting at the National Academies building in Washington, DC.
mPhase Technologies CEO Ron Durando stated, "The inclusion of mPhase's Smart NanoBattery at these high-profile events indicates the growing recognition of the significant need for funding of innovative nanotechnology product development among members of the Federal government. We believe that such recognition may also help improve mPhase's chances of receiving Federal money allocated for nanotech research and manufacturing."
On March 12, PCAST issued a highly favorable report on the progress of nanotechnology development and commercialization, and issued five recommendations that would bolster U.S. leadership in nanotechnology research:
* Increase NNI funding for nano-manufacturing research, while maintaining current funding for basic research
* Strengthen the NNCO (the NNI's coordinating entity) with additional funds and a broader mandate
* Develop metrics that track the benefits of nanotechnology (e.g., job creation)
* Develop a cross-agency strategy that identifies knowledge gaps and links environment, health and safety research
* Expedite the citizenship review process for foreign students receiving advanced degrees in science and engineering
Federal agency investments in nanotechnology totaled approximately $1.7 billion in fiscal year 2009, plus an additional $500 million in allocations through the 2009 American Recovery and Reinvestment Act. Federal agency investments in nanotechnology are projected to total $1.78 billion in fiscal year 2010.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC filings, including the financial statements and related information contained in the Company's SEC Filing. Power Efficiency assumes no obligation to update the information in this release.
About mPhase Technologies
mPhase Technologies, Inc. is focused on developing and commercializing a new battery technology featuring Power On Commandô which provides a unique way to store energy and manage power that will revolutionize the battery industry. mPhase, through its 100% owned consumer products division mPower Technologies, is marketing its first Power On Command product, The mPower Emergency Illuminator. For more information, please visit www.mPhaseTech.com and www.mpowertech.com.
About the NNI
The National Nanotechnology Initiative (NNI) was established in fiscal year 2001 to coordinate Federal nanotechnology research and development. The NNI provides a vision of the long-term opportunities and benefits of nanotechnology. By serving as a central locus for communication, cooperation, and collaboration for all Federal agencies that wish to participate, the NNI brings together the expertise needed to guide and support the advancement of this broad and complex field.
The NNI creates a framework for a comprehensive nanotechnology R&D program by establishing shared goals, priorities and strategies, and it provides avenues for each individual agency to leverage the resources of all participating agencies.
Today the NNI consists of the individual and cooperative nanotechnology-related activities of 25 Federal agencies with a range of research and regulatory roles and responsibilities. Thirteen of the participating agencies have R&D budgets that relate to nanotechnology, with the reported NNI budget representing the collective sum of these. The NNI as a program does not fund research; however, it informs and influences the Federal budget and planning processes through its member agencies.
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The Investor Relations Group
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