mPhase Technologies, Inc. (XDSL) grows on LOI
Posted on: July 28th, 2011Written by:
mPhase Technologies, Inc. (OTCBB: XDSL) leaped in price 15.5% to 82-100ths of a cent Thursday, on word of a new acquisition for the company. Volume for the stock came in at 4.8 million shares, rapidly catching up on a daily average of around 9.2 million.
The company, based in Little Falls, New Jersey, issued a news release July 28 saying it had entered into a Letter of Intent (LOI) to acquire Energy Innovative Products, Inc. (EIP), a developer of proprietary technologies for reducing energy usage in refrigeration and cooling systems, as well as equipment utilizing AC induction motors.
EIP, based in Fairfield, New Jersey, uses patented and patent pending solutions to offer a series of products that control voltage and current used by compressor systems, including those in refrigeration decks, HVAC wall units, commercial refrigeration systems, and consumer equipment.
The release quoted mPhase CEO Ron Durando as saying, “we are extremely excited about the upside EIP offers to our organization over the coming years”.
The transaction is expected to become a Definitive Agreement in August, and close by October.
mPhase Technologies is introducing a revolutionary Smart Surface technology enabled by breakthroughs in nanotechnology, MEMS processing and microfluidics.
