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mPhase Technologies, Inc. (OTCBB: XDSL) today issued an update on its letter of intent (LOI) originally announced on 7/28/11 to acquire Energy Innovative Products, Inc. (EIP), a developer of proprietary technologies for reducing energy usage in refrigeration and cooling systems, as well as equipment utilizing AC induction motors.
The transaction was expected to become a Definitive Agreement in August 2011 and close by October 2011. The transaction is now expected to become a Definitive Agreement in September 2011 and close in October 2011.
In the amendment to the LOI dated August 10, 2011 prior to consummation of the closing of the acquisition of 81% of the stock of EIP, mPhase now has an exclusive right for a period of 180 days from August 10, 2011 to acquire the stock of EIP. If the transaction to acquire 81% of the common stock of EIP is not completed for any reason other than the withdrawal from the transaction by mPhase, upon completion of its due diligence, then EIP shall pay Acquirer a break-up fee of $100,000 in cash.
mPhase has also conducted a test on EIP's controller that confirms that the EIP-1 controller saves energy while maintaining temperature. The test was conducted using the EIP-1 controller on a Silver King freezer.
EIP uses patented and patent pending solutions to offer a series of products that control voltage and current used by compressor systems, including those in refrigeration decks, HVAC wall units, commercial refrigeration systems, and consumer equipment. The company, founded in 2008, believes its technology is uniquely positioned to capitalize on each of these multi-billion dollar market opportunities by allowing legacy systems to achieve Energy Star status as well as compliance with emerging standards by the United States Department of Energy (DOE) and other regulatory bodies.
According to Scott Caputo, President of EIP, "Corporate demand for energy saving solutions is increasing worldwide driven by rising fuel costs, skyrocketing electricity costs, and growing concerns about greenhouse gases and their impact on our world's environment."
The terms of the deal include the issuance of common shares and warrants for an 81% stake in EIP. "We are extremely pleased with the initial testing results of the EIP controller," said Ron Durando, CEO of mPhase Technologies, Inc.
About mPhase Technologies, Inc.
mPhase Technologies is introducing a revolutionary Smart Surface technology enabled by breakthroughs in nanotechnology, MEMS processing and microfluidics. Our Smart Surface technology has potential applications within drug delivery systems, lab-on-a-chip analytic systems, self-cleaning systems, liquid and chemical sensor systems, and filtration systems. mPhase has pioneered its first Smart Surface enabled product, the mPhase Smart NanoBattery. In addition to the Smart Surface technology, mPhase recently introduced its first product, the mPower Emergency Illuminator, an award-winning product designed by Porsche Design Studio.
About Energy Innovative Products, Inc.
EIP's mission is to develop, commercialize and market technology for reducing energy usage in refrigeration and cooling systems as well as equipment utilizing AC induction motors. We have developed a small, easy to install single-phase motor controller device designed for both commercial and consumer use that reduces electrical consumption and peak demand usage in refrigerators, freezers, vending machines and other similar appliances. We have also designed a kit containing an electronic evaporator motor and high tech dimmable LED lights that is used to upgrade vending machines and coolers to Energy Star compliance.
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. mPhase assumes no obligation to update the information in this release.
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