mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
mPhase Technologies, Inc. (OTCBB: XDSL) (the Company) today announced that it has entered into a stock purchase agreement with AIRobotica Services Limited (AIRobotica), a Bangalore, India-based technology company focused on artificial intelligence (AI) and machine learning (ML). In its first two years in business, AIRobotica has already signed contracts or is developing projects for entities in government, manufacturing, healthcare, automotive, retail, real estate and logistics.
In addition to third-party contracts, the new division will support the commercialization of existing and future mPhase technology. The divisions goal is to expand its core team to encompass a wide range of applications, creating a one-stop shop for custom solutions in AI, MI. robotic process automation (RPA), SAP and Enterprise Resource Planning (ERP). One of the companys initial commercial technologies is a Chatbot that can mimic human interaction as the front-end of customer service applications, but this is just the first in a long-term plan to develop technologies targeting multiple industries.
to the terms of a Stock Purchase Agreement dated April 10. 2019, the Company is acquiring all of the outstanding stock of AIRobotica from Mahammad Rasool Shaik and Ibrahim Khaleel Shaik (collectively, the Founders) in exchange for $2,500,000 worth of stock of the Company under the terms of Employment Agreements with the Founders. Such stock of the Company will vest over a 2-year period of time in which half of the stock will vest annually each year. Such vesting is subject to reduction for the failure of AIRobotica to achiever certain sales revenue over such 2-year period. A copy of the Stock Purchase Agreement and Press Release related thereto are set forth as Exhibits below.
Exhibit 1 Stock Purchase Agreement
Exhibit 2 Press Release
MPHASE TECHNOLOGIES INC Exhibit
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About mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL)
mPhase Technologies, Inc. is focused on marketing its automotive battery jump starter designed for the mass market and developing new smart surface products through the sciences of microfluidics, microelectromechanical systems (MEMS) and nanotechnology. The Company is engaged in commercializing its nanotechnology-enabled product for military and commercial applications-The Smart NanoBattery providing Power On Command. Its battery technology, based on the phenomenon of electrowetting, offers a way to store energy and manage power. The platform technology behind the Smart NanoBattery is a porous nanostructured material used to repel and precisely control the flow of liquids. The material has a Smart Surface that can be designed for other product applications, including medical oxygen generation, hot/cold packs and emergency lighting. As of December 31, 2015, the Company had completed a Phase II Small Business Technology Transfer Program (STTR) grant.