UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 2019
mPHASE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
New Jersey | 000-30202 | 22-2287503 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
9841 Washingtonian Boulevard, #390
Gaithersburg, MD 20878
(Address of principal executive offices) (zip code)
(301) 329-2700
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 8.01 Other Events.
On August 20, 2019, the Company issued a press release announcing a three-year Product License and Content Agreement with iLearningEngines, Inc. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press release dated August 20, 2019 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
mPhase Technologies, Inc. | |
Dated: August 20, 2019 | /s/ Anshu Bhatnagar |
Anshu Bhatnagar | |
Chief Executive Officer |
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MPHASE SIGNS PRODUCT LICENSE AND CONTENT AGREEMENT WITH ILEARNINGENGINES
New York, NY – August 20, 2019 – mPhase Technologies, Inc. (OTC:XDSL) (the “Company” or “mPhase”) is pleased to announce that it has signed a three-year Product License and Content Agreement (“Agreement”) with iLearningEngines, Inc. (“ILE”). Under the terms of the Agreement, mPhase will utilize the ILE Artificial Intelligence (“AI”) engine to deliver customized learning and performance analytics solutions. The Company will develop the customized learning software solutions and curriculum through direct agreements with customers in the ILE ecosystem, but may also include non-ILE customers.
“This is a synergistic Agreement that will enable us to use the resources of our technology teams, particularly our recently acquired Alpha Predictions, to support the customization of products on the ILE platform,” explained mPhase CEO Anshu Bhatnagar. “We can now port our own technology onto the industry-leading ILE platform, and provide an element of custom content for those customers who desire unique features rather than off-the-shelf solutions. We expect to get a significant amount of business from customer referrals, giving us a pipeline of SaaS (software as a service) type contracts with multi-year terms.”
This Agreement will deepen mPhase’s involvement in the ILE universe, giving mPhase the potential to grow into a trusted technology partner in this fast-growing space. The Company currently projects this Agreement will generate in excess of $30 million (USD) in annual revenue during the first 12-months of implementation. From a cost perspective, each of the ILE Learning and AI Logic licenses of this Agreement are subscription based and structured as an annual per site license. The annual ILE Learning subscription is set at $7.5 million and the annual ILE AI Logic subscription is set at $15 million, for a combined annual total of up to $22.5 million. The per site charge structure enables mPhase to scale into the full license amounts as the Company onboards clients.
“This Agreement is another step forward in our effort to create revenue streams that utilize our in-house talent and technology,” explained Bhatnagar. “Under this Agreement we will be both a customer and collaborator, but the terms are designed so that we can scale up the business in a flexible way that benefits ILE and mPhase. ILE is one of the fastest growing tech companies in the U.S., so we are excited for this opportunity to participate in what is shaping up to be a multi-year growth cycle in the training and learning space.”
About mPhase Technologies, Inc.
With deep roots in R&D, mPhase Technologies, Inc. is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company’s involvement is cross vertical, appearing wherever common technologies create great social value. Additional information can be found at the mPhase website www.mphasetech.com . Please follow us on twitter: @mPhase_Tech for the latest updates.
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About iLearningEngines, Inc.
iLearningEngines (ILE) is the market leader in cloud-based, mission critical training for enterprises. Deloitte has ranked ILE as the 7th fastest growing company in North America in 2018 on the Deloitte Technology Fast 500, and #14 in 2017 Fast 500. The Company’s Outcomes Driven Learning and AI platform is used by enterprises to deliver firm specific training and drive mission critical outcomes on a massive scale. iLearningEngines is being deployed in some of the most demanding vertical markets including healthcare, education, energy, transportation and the military. The intense demand for scalable, outcome-based training has led to marquee customer wins across multiple verticals. The Company leverages its clients’ own subject matter experts, in-house content, and third-party content to create training materials, and then uses its AI and machine learning engine to deliver personalized training plans at scale. The company also has a sub brand, iHealthEngines, specifically for the healthcare market. iHealthEngines is transforming physician and clinician engagement, patient education and engagement, and population health.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts:
Investor Contact:
ir@mphasetech.com
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