The Company reported news today that negotiations with two creditors have led to a standstill agreement and restructuring of approximately $1,500,000.00 Dollars in Toxic Convertible Debentures.
The beneficial effect of restructuring of the Toxic Convertible Debentures will give the Company the control it needs to cease the automatic dilution of the issued and outstanding common stock.
About mPhase Technologies, Inc. (OTCBB: XDSL)
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
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