February 10, 2012 – Marketwire — mPhase Technologies Inc. (OTCBB:XDSL) is in negotiations with an undisclosed private equity group, which could invest at least $2 million in mPhase. The investment would come with a new board member, with a background in cost reduction and marketing.
mPhase expects the private investment to ease the requirement of "continuous financings in the public markets," and help accelerate the time to market for mPhase products. mPhase offers its SmartNanoBattery and other Smart Surface Technology products based on micro electro mechanical system (MEMS) technology for government applications, and is seeking a consumer market.
Also read: mPhase hints at new auto and marine energy product
mPhase Technologies’ Smart Surface technology combines nanotechnology, MEMS processing and microfluidics for applications in drug delivery, lab-on-a-chip analytics, self-cleaning systems, liquid and chemical sensor systems, and filtration systems. More information about the company can be found at http://www.mPhaseTech.com.