Apr. 18, 2007 — mPhase Technologies Inc., Little Falls, NJ, is creating a new 100% wholly owned subsidiary, AlwaysReady Inc. With this launch, mPhase hopes to deliver to shareholders the value of its nanotechnology and MEMS-based products. The move follows mPhase’s August 2006 announcement that its board of directors approved the separation of its ultra-sensitive magnetometer business into a separately traded public company.
“The combined strengths of our innovative Smart Nanobattery and our Ultra Sensitive Magnetometer led us to the decision to keep these two businesses together,” said Ronald A. Durando, mPhase CEO and president.
Durando noted that AlwaysReady’s value could exceed that of mPhase. AlwaysReady hopes to become a separately traded company through the filing of a registration statement with the Securities and Exchange Commission.
“In the coming years, the nanotechnology category will evolve into a trillion dollar industry,” said Durando, “and we are re-structuring accordingly to be well-positioned in the marketplace, to streamline our operational activities and to leverage our existing synergistic relationships with such leading academic and research institutions as Rutgers, the State University of New Jersey; and such defense-oriented entities such as Lockheed Martin, Northrop Grumman and the U.S. Army Armament Research, Development, and Engineering Center (ARDEC) at Picatinny, New Jersey”
A new management team will be named to lead the new company.