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 master technology agreement with its channel partner for an additional three years. This significant contract follows the initial three-year license agreement dated June 30, 2019. The agreement currently generates approximately $8.4 million in quarterly revenue and more than $33 million in annual revenue.
Under this renewed license, Channel Partner obtains the right to use mPhase’s proprietary cloud-based software as part of its global business solutions platform. The mPhase Intelligent AI platform is a powerful system that includes real-time tracking of skill development, making it very attractive for industry-specific professional training applications. In addition to a monthly software subscription, mPhase also provides training, maintenance, updates and other support features for a monthly fee.
“The renewal of this license for another three years is a significant achievement, as it demonstrates the value of our software globally,” said mPhase Chairman and CEO Anshu Bhatnagar. “This agreement also gives us an operational advantage as it generates highly predictable software as a service (SaaS) and monthly fee revenue, allowing us to maintain a strong recurring revenue base as we develop new revenue streams. promise in our mPower EV charging and consumer engagement ecosystem. With today’s announcement, we’ve locked in a significant segment of our revenue forecast for the next three years. We are well on our way to achieving our goal of having multiple revenue streams, over 85% of which will be generated through highly desirable subscription contracts. We expect this strategy to be fully matured through the remainder of 2022 as our new mPower revenue streams grow through the full launch of our EV charging platform.
About mPhase Technologies
mPhase is an emerging electric vehicle-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable connection between consumers and retailers at opportunistic times and places. . The company is currently building a connected ecosystem of electric vehicle charging, 5G internet connectivity and software solutions that optimize consumer engagement under a SaaS/TaaS model. Branded as mPower, this ecosystem will empower the way people shop, dine, refuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to the tastes and needs of each individual, with a particular focus on empowering the green consumer of tomorrow. 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 is available on the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on Twitter: @mPhase_Tech for the latest updates.
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