Rockville, MD, May 19, 2022 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower EV+ (electric vehicle) charging network and consumer engagement platform, today announced that it has amended and renewed its primary technology contract with its channel partner for an additional three-year term. This important contract is a follow-on to the original three-year license agreement dated June 30, 2019. The agreement currently generates about $8.4 million in quarterly revenue and more than $33 million in annual revenue.
Under this renewed license, the channel partner gains the right to utilize the mPhase proprietary cloud-based software as part of its platform of global business solutions. The mPhase Intelligent AI platform is a powerful system that includes real time tracking of skill development, making it highly attractive for industry-specific business training applications. In addition to a monthly software subscription, mPhase is also providing training, maintenance, updates and other support functions for a monthly fee.
“Renewing this license for another three-year term is an important achievement, because it demonstrates the value of our software on a global basis,” said mPhase Chairman and CEO Anshu Bhatnagar. “This agreement also gives us an operational advantage, because it generates highly predictable Software as a Service (SaaS) and monthly fee revenue, enabling us to maintain a solid recurring revenue base as we build out promising new revenue streams in our mPower EV charging and consumer engagement ecosystem. With today’s announcement, we’ve locked down an important segment of our revenue forecast for the next three years. We are well on our way to realizing our goal of having multiple sources of income, more than 85% of which will be generated by highly desirable, subscription-based contracts. We expect this strategy to really come into focus during the remainder of 2022, as our new mPower revenue sources expand via the full launch of our EV charging platform.”
About mPhase Technologies
mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on twitter: @mPhase_Tech for the latest updates.