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The renewal of the Phase II grant represents the significant accomplishments that have been made over the last 12 months in building a functional lithium Smart NanoBattery prototype for a computer memory application. Upon a successful completion of the Phase II program, mPhase plans to enter production and commercialize their unique battery technology.
mPhase CEO Ron Durando commented on grant renewal, "I am extremely pleased that the U.S. Army has recognized the incredible strides we have made over the last 12 months. The potential for our unique technology is clear and commercialization of the Smart NanoBattery is within our grasp."
mPhase earned the STTR grant through the SBIR (Small Business Innovation Research) program, a US government program concentrated on providing funds for small businesses with the potential to commercialize research and development efforts. STTR grants are available to a small percentage of small businesses that work in conjunction with university development partners. mPhase Technologies has been working with the Energy Storage Research Group (ESRG) at Rutgers, The State University of New Jersey, during mPhase's Phase I grant project in 2007. mPhase and Rutgers ESRG will continue to work together until the Phase II project is completed.
About mPhase Technologies, Inc. and AlwaysReady, Inc.
mPhase Technologies, Inc. (OTCBB: XDSL), through its wholly owned subsidiary AlwaysReady, Inc., is focused on developing and commercializing a new battery technology based on a well-patented phenomenon known as electrowetting, which provides a unique way to store energy and manage power that will revolutionize the battery industry. For more information, please visit our website at www.mPhaseTech.com.
Safe Harbor Statement
This news release contains forward-looking statements related to future growth and earnings opportunities. Such statements are based upon certain assumptions and assessments made by management of companies mentioned in this press release in light of current conditions, expected future developments and other factors they believe to be appropriate. Actual results may differ as a result of factors over which the company has no control.
Contact: Mr. John Levitt mPhase Technologies, Inc. Public Relations Coordinator 973-256-3737 x166 Email Contact www.mPhaseTech.com
SOURCE: mPhase Technologies
http://www2.marketwire.com/mw/emailprcntct?id=CA22C7443A41CB6E http://www.mPhaseTech.com
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