Gaithersburg, MD, Oct. 13, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower 5G-enhanced electric vehicle (EV) charging network and consumer engagement platform, today announced that it has signed agreements with members of the Asian American Store Owners Association of Illinois (“AASOA of Illinois”) to add 625 mPower locations in the state of Illinois. The mPower ecosystem is an integrated set of platform technologies consisting of consumer engagement software, EV charging, and 5G connectivity designed to create a beneficial link between consumers and retailers transitioning to an EV-centric future.
All sites will initially receive the consumer engagement portion of the ecosystem and pay a base recurring monthly fee. Following site assessments, locations with appropriate facilities will also qualify for installation of 5G and/or EV charging stations, which will generate additional monthly recurring revenue. The mix of locations includes convenience stores, gas stations, restaurants and other businesses primarily focused on serving mobile consumers.
“Many of our members own gas station properties or retail establishments tied to consumer travel, so they will be significantly affected by the steady transition to electric vehicles,” said AASOA of Illinois President Nirav Patel. “The mPower ecosystem provides a much-needed path to that future by providing our members with access to an EV driver network today. Those sites with the right facilities can also add EV charging stations and 5G to become an even bigger part of the EV experience. We believe that the mPower platform will be an essential part of our effort to future proof our Illinois locations for changes in the way that people travel and fuel.”
“Today’s release replicates our recent announcement in Florida and is part of our larger strategy to quickly populate specific geographies to build a seamless connected ecosystem catering to EV drivers,” explained mPhase CEO Anshu Bhatnagar. “While we realize that not every retail site can support EV installations, our mPower ecosystem is built on three distinct technologies, allowing retailers to adopt configurations that best suit each individual location. So, for example, a site that cannot support EV chargers can still be part of the mPower network by installing our consumer engagement component, complemented by our high-speed 5G. We are creating a new way for retailers and consumers to connect, with strong incentives for consumers to use our platform.”
mPhase will receive recurring revenue from each mPower site, which will vary depending upon the equipment configuration and other terms specific to each location. The number of EV and 5G installations will be determined after site surveys, but is expected to be sufficient to create highly effective mPower coverage in the state of Illinois, with additional expansion planned in future phases.
About mPhase Technologies
mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on twitter: @mPhase_Tech for the latest updates.
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