Company Completes Capital Structure Cleanup, Including Removal of All Variable-Rate Convertible Notes and Paydown of Decade-Old Debt at Significant Discount
Gaithersburg, MD, April 19, 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 it reached an agreement to pay off $784,000 of legacy debt at a significant discount to current value.
The judgement settlement agreement, reached with John Fife (dba St. George Investors), represented $784,000 of debt on the balance sheet and was settled for a one-time payment of $235,000.
“We are pleased to have fortified our balance sheet through the elimination of this decade-old debt, as well as all prior variable-rate convertible notes,” said Anshu Bhatnagar, Chief Executive Officer of mPhase Technologies. “Our recent capital structure cleanup protected our shareholders from significant dilution while currently preserving our cash for high-value, near-term operational initiatives.
“These efforts have served to strengthen our financial position to ensure we can continue to innovate and work towards creating sustainable, long-term value for our shareholders. I look forward to providing our shareholders with an update in the short-term on our refined business strategy in 2021 and beyond.”
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.
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