{"id":477984,"date":"2021-04-19T08:33:05","date_gmt":"2021-04-19T12:33:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mphase-negotiates-paydown-of-0-8-million-of-debt-at-significant-discount\/"},"modified":"2021-04-19T08:33:05","modified_gmt":"2021-04-19T12:33:05","slug":"mphase-negotiates-paydown-of-0-8-million-of-debt-at-significant-discount","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mphase-negotiates-paydown-of-0-8-million-of-debt-at-significant-discount\/","title":{"rendered":"mPhase Negotiates Paydown of $0.8 Million of Debt at Significant Discount"},"content":{"rendered":"
\n

\n Company Completes Capital Structure Cleanup, Including Removal of All Variable-Rate Convertible Notes and Paydow<\/em>
\n n of Decade-Old Debt at Significant Discount<\/em>\n <\/p>\n

\n Gaithersburg, MD, April 19, 2021 (GLOBE NEWSWIRE) — <\/strong>mPhase Technologies, Inc. (OTC: XDSL) (\u201cmPhase\u201d or the \u201cCompany\u201d), a leading technology driven development company that creates and commercializes solutions that impact everyday people, today announced that it reached an agreement to pay off $784,000 of legacy debt at a significant discount to current value.<\/p>\n

The judgement settlement agreement, reached with John Fife (dba St. George Investors), represented $784,000 of debt on the balance sheet and was settled for a one-time payment of $235,000.<\/p>\n

\u201cWe are pleased to have fortified our balance sheet through the elimination of this decade-old debt, as well as all prior variable-rate convertible notes,\u201d said Anshu Bhatnagar, Chief Executive Officer of mPhase Technologies. \u201cOur recent capital structure cleanup protected our shareholders from significant dilution while currently preserving our cash for high-value, near-term operational initiatives.<\/p>\n

\u201cThese efforts have served to strengthen our financial position to ensure we can continue to innovate and work towards creating sustainable, long-term value for our shareholders. I look forward to providing our shareholders with an update in the short-term on our refined business strategy in 2021 and beyond.\u201d<\/p>\n

\n About mPhase Technologies<\/strong>\n <\/p>\n

mPhase Technologies (OTC: XSDL) is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, www.mphasetech.com<\/a><\/u>. Please follow us on twitter: @mPhase_Tech for the latest updates.<\/p>\n

\n Safe Harbor Statement<\/strong>\n <\/p>\n

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 \u201ccould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201ccontinue,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cproject\u201d 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\u2019s 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.<\/p>\n

\n Investor Relations Contact<\/strong>
\n
Brian Prenoveau
Managing Director
MZ Group – MZ North America
(561) 489-5315
SNWV@mzgroup.us<\/a>
www.mzgroup.us<\/a><\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Company Completes Capital Structure Cleanup, Including Removal of All Variable-Rate Convertible Notes and Paydow n of Decade-Old Debt at Significant Discount Gaithersburg, MD, April 19, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC: XDSL) (\u201cmPhase\u201d or the \u201cCompany\u201d), a leading technology driven development company that creates and commercializes solutions that impact everyday people, today announced that it reached an agreement to pay off $784,000 of legacy debt at a significant discount to current value. The judgement settlement agreement, reached with John Fife (dba St. George Investors), represented $784,000 of debt on the balance sheet and was settled for a one-time payment of $235,000. \u201cWe are pleased to have fortified our balance sheet through the elimination of this decade-old debt, as … <\/p>\n

Continue reading “mPhase Negotiates Paydown of $0.8 Million of Debt at Significant Discount”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-477984","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nmPhase Negotiates Paydown of $0.8 Million of Debt at Significant Discount - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mphase-negotiates-paydown-of-0-8-million-of-debt-at-significant-discount\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"mPhase Negotiates Paydown of $0.8 Million of Debt at Significant Discount - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Company Completes Capital Structure Cleanup, Including Removal of All Variable-Rate Convertible Notes and Paydow n of Decade-Old Debt at Significant Discount Gaithersburg, MD, April 19, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC: XDSL) (\u201cmPhase\u201d or the \u201cCompany\u201d), a leading technology driven development company that creates and commercializes solutions that impact everyday people, today announced that it reached an agreement to pay off $784,000 of legacy debt at a significant discount to current value. 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