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mPhase Announces $2.0 Million Institutional Financing to Support Near-Term Growth Initiatives

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Gaithersburg, MD, April 13, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC: XDSL) (“mPhase” or the “Company”), a leading technology driven development company that creates and commercializes solutions that impact everyday people, today announced that is has secured $2.0 million in fixed-rate, institutional financing to support near-term growth initiatives.

Per the terms of the agreement, mPhase has raised $2.0 million via a convertible promissory note with a fixed conversion price of $0.20 per share with an institutional investor. The note matures on April 6, 2022 and bears interest at the rate of 5% per annum. Full terms of the note are available in the Company’s Form 8-K dated April 13, 2021 as filed with the SEC.

“We are pleased to have fortified our balance sheet through this attractive fixed-rate institutional debt financing, which we will leverage to pay off our previously outstanding convertible debt – significantly reducing potential dilution to our shareholders,” said Anshu Bhatnagar, Chief Executive Officer of mPhase Technologies. “This financing will provide us with the capital needed to accelerate our development timelines, enabling the creation of multiple new recurring revenue streams across our various businesses.

“Our financial position continues to strengthen, as we improve our receivables collections and drive forward revenue growth throughout the remainder of the year. We are well positioned to continue to execute upon the near-term growth opportunities facing mPhase today, positioning us to create sustainable, long-term value for our shareholders,” concluded Bhatnagar.

About mPhase Technologies

mPhase Technologies (OTC: XSDL) is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, www.mphasetech.com. Please follow us on twitter: @mPhase_Tech for the latest updates.

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.

Investor Contact:
[email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Mexican city of Chihuahua to host TCI Global Clusters Conference in October

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CHIHUAHUA, Mexico, May 16, 2024 /PRNewswire/ — Due to its extensive focus on cluster development to boost the economy, the city of Chihuahua in northern Mexico is to host the 27th TCI Global World Conference in October. The event will gather global experts in automation, artificial intelligence, economic development schemes, new business models, and venture capital for the supply chain.

The conference, scheduled for October 8-10 this year, will feature prominent speakers including Italian economist Mariana Mazzucato, a global authority on economic development, and Rebeca Hwang, an expert in artificial intelligence and automation.
Luis Oliver Torres García, director of Economic Development of the State of Chihuahua (DESEC) and a member of the TCI Network, told EFE that the city of Chihuahua has been a key player in this organization, which is why the event will be held in this northern Mexican state, a national leader in exports due to its extensive maquiladora industry.
Torres García explained that a cluster is an organization that brings together the private sector, academia, and the government to develop a specific economic sector through a joint strategy, and the event will include economic development organizations from 80 countries.
“This forum is precisely for that, to see what is happening between regions, what they are doing in Europe, how other countries are handling it, what other development agencies are doing in terms of supporting companies”, said the economic development specialist.
The city of Chihuahua was chosen to host the 26th TCI Global World Conference on 2023, for its emphasis on economic development and amid Mexico’s rise as one of the main destinations for nearshoring or business relocation.
Regarding automation, Hwang will present her research on reducing the direct presence of employees on production lines to handle complex situations such as the 2020 pandemic without needing to halt operations. Meanwhile, Mazzucato will explain how major economic changes worldwide started with governments.
Founded in 1998 and based in Barcelona, TCI Network recognizes Chihuahua Capital as the fifth-best city in Mexico for entrepreneurship, the fifth worldwide in aerospace investment, and the second-best city in Mexico for quality of life.

View original content:https://www.prnewswire.co.uk/news-releases/mexican-city-of-chihuahua-to-host-tci-global-clusters-conference-in-october-302147651.html

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Databarracks acquires PlanB Consulting

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Award winning Business Resilience Consultancy joins Databarracks
LONDON, May 16, 2024 /PRNewswire/ — Databarracks, the technology and business resilience specialist has acquired Glasgow based PlanB Consulting to enhance its Operational Resilience and Cyber Continuity consulting practice.

Chris Butler, Resilience Director, Databarracks, commented: “We are thrilled to have PlanB join us. PlanB has been a powerhouse in Business Continuity and Resilience for almost two decades. They’re widely known, highly respected and one of the true thought-leaders in our industry. Led by the highly respected Charlie and Kim Maclean-Bristol, they are a multi-award -winning Business Continuity Consulting business and stalwarts of the resilience community.”
Kim Maclean-Bristol, Co-Founder and Director of PlanB, explained: “We’re pleased to find a home with an organisation that gives us a broader market reach and shares our values and vision for changing the way we make organisations resilient. Together we bring a wide range of consulting skills, real-world expertise and can now offer a complete range of Business Continuity, Crisis Management and Cyber Resilience services.”
Customers of the combined business can now benefit from a full suite of end-to-end Operational Resilience services. From Data Protection, Disaster Recovery, Business Continuity and Incident Response, through to Cyber Incident Exercising from a National Cyber Security Centre Assured Service Provider.
Mike Osborne, Chairman, Databarracks: “There is no better independent Business Continuity Consultancy than PlanB. I’ve spent 30+ years in the industry and over the last few years the market has fundamentally changed. 
“The old guard of BC specialists has been absorbed by generalist IT service providers. Sungard Availability Services sadly went into administration in the UK. Throughout the pandemic, many of the smaller consulting providers took in-house roles, leaving ‘the big four’ as an expensive alternative. 
“The Operational Resilience market has become fractured across Cyber, Data Protection, IT Recovery and Business Continuity Planning, now leaving few, if any, genuine specialists dedicated to end-to-end resilience. 
“This acquisition creates a market-leading Data Protection, Technology Recovery, Business Continuity and Cyber Resilience business offering in one.”
Chris Butler further commented that: “The world is undoubtedly more volatile and uncertain. Supply chains have come under extreme pressure and business interruptions remain highly likely. The cyber arms race shows little sign of peaking, and by the end of the decade there will likely be few businesses that haven’t been targeted and impacted.
“The organisations that thrive will be those who are prepared for this changing environment. PlanB strengthens this integrated approach, cultivating dynamic leadership, adaptive operations, robust technology and supportive supply chains to enable businesses to survive and prosper.” 
About Databarracks
Databarracks is the technology and business resilience specialist.
In 2003, we launched one of the world’s first managed Backup services to bring indestructible resilience to mission-critical data.
Today, we deliver award-winning IT resilience and continuity services. We help organisations get the most out of the cloud and protect their data, wherever it lives.
And we back this up with unbeatable support. There’s no such thing as ‘above and beyond’ for our engineers because they only work to one standard: to keep your systems running perfectly.
Enterprise-class continuity, security, and resilience. Accessible for all.
 

View original content:https://www.prnewswire.co.uk/news-releases/databarracks-acquires-planb-consulting-302147641.html

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Persistent Achieves Premier Services Partner Status with Snowflake, Boosting Data Management and Analytics Capabilities

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SANTA CLARA, Calif. and PUNE, India, May 16, 2024 /PRNewswire/ — Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), a global Digital Engineering and Enterprise Modernization leader, today announced that it achieved Premier Services Partner status with Snowflake, the Data Cloud company. As a Premier Services Partner, Persistent will be able to accelerate clients’ data journeys, enabling them to leverage the Snowflake Data Cloud’s flexibility, accuracy, and scalability. It reaffirms the Company’s commitment to becoming the preferred data partner for global clients, helping them maximize business value from their data. The Premier Services Partner status, complemented by being a Technology Validation Partner for Snowflake, underscores Persistent’s deep proficiency in the platform and its core technologies.

Reaching this level of partnership demonstrates Persistent’s expertise in data management and analytics, encompassing data lake architecture, engineering, warehousing, and cloud solutions powered by AI and Machine Learning applications. It illustrates the Company’s success in helping clients build and modernize their data platforms, develop innovative solutions, and migrate data on the Snowflake Data Cloud.
Persistent’s track record of delivering high-value projects in the Data Cloud demonstrates reliability and capability in the data and analytics space. This includes Persistent iAURA, a suite of AI-powered data solutions that accelerates a business’s transformation to become an AI-driven enterprise. Combining data and AI, iAURA rapidly provides insights from business data, rationalizes legacy reports, and helps manage costs. Supported by numerous Snowflake-certified team members, the Company offers unmatched expertise to help clients overcome business challenges by leveraging data to derive relevant insights and make informed decisions.
Bidish Sarkar, Senior Vice President – Data and Analytics, Persistent:”Achieving Premier Services Partner status fortifies our long-standing partnership with Snowflake. Data plays a crucial role in making informed decisions, enhancing customer relationships, improving operational efficiency, and fostering innovation. This elevation recognizes our commitment to excellence and innovation in data analytics and strengthens our position to deliver solutions that leverage Snowflake’s advanced capabilities. The opportunities with Snowflake are vast, and we look forward to driving even more impactful outcomes for clients with Snowflake.”
Amy Kodl, Vice President, GSI and Americas Alliances, Snowflake:
“Through our continued work with Persistent, we’re helping joint customers leverage their data assets more effectively to push the boundaries of what’s possible with data to drive business transformation. Persistent’s track record of delivering exceptional solutions and its commitment to excellence aligns with our mission to enable every organization to be data-driven.”
About Persistent
With over 23,800 employees located in 21 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance. www.persistent.com
Forward-looking and Cautionary StatementsFor risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs 
Logo: https://mma.prnewswire.com/media/1022385/4436045/Persistent_Systems_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/persistent-achieves-premier-services-partner-status-with-snowflake-boosting-data-management-and-analytics-capabilities-302147643.html

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