mPhase Technologies board of directors approves spinout of magnetometer business

Published 17 August 2006

New company will take advantage of strong prototype test results, ongoing relationship with Lucent Technology Bell Labs

Norwalk, Connecticut-based mPhase Technologies (OTCBB: XDSL) today announced that its board of directors had approved a plan to spinout its ultra-sensitive magnetometer business into a seperate publically-traded company. The prototype, unlike that of some of its competitors, “is based on microelectromechanical systems (MEMS) design and requires no cooling to sense the presence or changes in a magnetic field.” The company describes it as a minature compass that uses subtle changes in nearby magnetic fields to pinpoint the direction of suspicious metal objects and says that the device is capable of detecting a rifle at a distance of thirty feet — a boon for aviation authorities as well as civilian security planners such as stadium owners desiring an inobtrusive method of detecting threats. The company says that “The technology also lends itself to enhancing mobile phone global positioning (GPS) capabilities with direction-finding applications.”

No name or CEO was announced for the new company, but mPhase believes that, with proper financing and positioning, it could immediately leverage the intellectual property, partnerships and customer relations created during an ongoing 18-month magnetometer development program with Lucent Technologies Bell Labs.

Shareholders will have to approve the spin-out before it can go forward.

-read more in this company press release

-company website