mPhase Technologies, Inc. (OTC Pink: XDSL) is currently shifting its operational focus from battery cell technologies to consumer-focused services and tech. Shares of the consumer technology company soared 50%, during trading on Tuesday, February 19, 2019. Over the past month, mPhase Technologies has seen average daily volume of 46.66 million shares. However, volume of 27.23 million shares or dollar volume of $8,169, has exchanged hands on Tuesday.
Shares of mPhase Technologies surged on Tuesday, after the company announced that it has created a Center of Excellence (COE) within its mPhase Technologies India (MTI) Division. The company says the goal of the COE is to gather a team of experienced experts in artificial intelligence and machine learning. Here is the full press release detailing of the COE establishment:
mPhase Technologies, Inc. Press Release:
New York, NY, Feb. 19, 2019 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC:XDSL) (“mPhase” or the “Company”) is pleased to announce the creation of a Center of Excellence (COE) within its newly-organized mPhase Technologies India (MTI) Division. The concept behind this Center is to assemble a team of highly qualified software and technology experts in marketable categories such as AI and machine learning. The goal is to quickly turn the MTI Division into a revenue producing profit center for mPhase.
“The level of talent we have assembled is impressive, Ph.D.-level candidates with both U.S. and global experience across multiple disciplines. Our plan is to hand pick a team that we can utilize for our own pending projects, while also taking on revenue producing work for third-party clients,” explained mPhase CEO Anshu Bhatnagar. “This strategy is consistent with our approach to make each part of the new mPhase both a source of ongoing innovation and revenue.”
While there are many models for a COE in the technology space, mPhase has identified two key areas for initial focus – artificial intelligence (AI) and machine learning. After reviewing the caliber of the individuals who are interested in joining the MTI team, the Company realized that it could monetize this concept to help mPhase and other clients accelerate the adoption of their respective technologies.
“We have a lofty goal, to become one of the top three global COE’s in AI and machine learning by 2022. Our MTI Division is very new, but the team is well known in industry circles,” said Bhatnagar. “We have all been impressed with the number of enquiries to work with our new division, both from potential employees and customers. The concept of a COE is not new, but we have the right team in place to create an excellent resource to attract both top talent and industry collaborations. That combination will benefit the commercialization of mPhase-owned technologies and create new opportunities.”
mPhase is currently prioritizing the projects that will gain initial traction at MTI and will announce details on these efforts in coming weeks. The goal is to build out this team to include 15-20 employees by the end of 2019.
In addition to these activities, mPhase is completing its financial statements and expects to report its Fiscal Q2/2019 results during the second half of February. In order to help investors, partners and customers track the company’s expansion, the Company intends to post ongoing operational updates, including photos, on its Twitter feed @mPhase_Tech
About mPhase Technologies, Inc.
mPhase Technologies, Inc has historically engaged in technology R&D, with a particular emphasis on long-life, battery cell technology. The Company is currently transitioning into a consumer-oriented technology and services company.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.