EAST RUTHERFORD, New Jersey, October 3, 2013 /PRNewswire/ --
mPhase Technologies Inc. ("mPhase" or the "Company") (XDSL) - (http://mphasetech.com/), today announced that shareholders who had experienced difficulty or additional costs when depositing the Company's shares manually will now be able to have their shares deposited electronically in street name. DTC has resolved all issues and cleared the Company to resume accepting deposits of the Company's common stock for book entry transfer services. All deposit restriction chills have been removed and the Company is now once again fully "DTC Eligible." DTC's removal of the chill now allows shareholders with online brokerage accounts with firms such as Scottrade, ETRADE, TD Ameritrade and other full service brokerage firms to deposit new shares of mPhase's common stock in the electronic system that controls clearance and settlement. The Company has over 23,000 shareholders who should benefit from the additional number of choices now available to them as a result of this action.
Executive Vice President, Chief Financial Officer and General Counsel Martin Smiley said, "We are in receipt of and have reviewed a recent activity transaction journal supplied by our transfer agent, Jersey Transfer & Trust Co., which now confirms DTC's decision to accept XDSL share deposits and transfers into street name. We are pleased with the collaborative efforts by our lead outside securities counsel, Joseph M. Lucosky and Scott E. Linsky of Lucosky Brookman LLP, as well as counsel for DTC and DTC itself, in working to remove the chill, enabling our shareholders to once again deposit shares in street name." Martin added, "We are grateful to the attorneys of Lucosky Brookman LLP, whose hard work and determination throughout this lengthy process was instrumental in accomplishing the removal of the DTC "Chill".
For further information, please refer to your individual brokers concerning their respective policy modifications due to the lifting of the DTC "Chill".
About mPhase Technologies, Inc.
mPhase Technologies is introducing a revolutionary Smart Surface technology enabled by breakthroughs in nanotechnology, MEMS processing and microfluidics. Our Smart Surface technology has potential applications within drug delivery systems, lab-on-a-chip analytic systems, self-cleaning systems, liquid and chemical sensor systems, and filtration systems. mPhase has pioneered its first Smart Surface enabled product, the mPhase Smart NanoBattery. In addition to the Smart Surface technology, mPhase recently introduced its first product, the mPower Emergency Illuminator, an award-winning product designed by Porsche Design Studio and sold via the mPower website: http://www.mpowertech.com. More information about the company can be found at http://www.mPhaseTech.com.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC filings, including the financial statements and related information contained in the Company's SEC Filing. mPhase assumes no obligation to update the information in this release.