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Palladium Capital Advisors Completes a $1,784,000 Round of Financing for MPhase Technologies, Inc

May. 17, 2008:

tomb_mphase3In April 2008 MPhase Technologies Inc. received a total of $1,784,722 in cash from the following sources: $1,062,500 from the issuance of 21,250,000 shares of common stock and $722,222 from the conversion of 11,111,113 warrants into common stock. These funds were used in part to improve the Company’s working capital situation by significantly paying down past due payables and setting aside funds for future operations. Palladium Capital Advisors, LLC acted as a sole placement agent for the capital raise.

MPhase Technologies, Inc. a development stage technology company, develops and sells broadband communications products for telephone service providers in the United States. The company primarily offers TV+ solution, an open-standards, carrier class solution of middleware/software enabling telephone service providers to deliver broadcast TV using internet protocol. The TV+ solution also delivers video on demand, voice, and high-speed Internet over various types of existing infrastructure of a telephone service provider, including copper, fiber, or coax. The company’s other digital subscriber line products that include plain old telephone service Splitter Shelf is a low pass/high pass filter that separates voice and data transmissions. It also develops highly sensitive magnetometers based on micro-mechanical systems.

Palladium Capital Advisors is a leading investment bank and brokerage firm dedicated to providing premier investment banking services to emerging growth companies and raising assets for top-tier hedge funds. The firm’s banking professionals each have, on average, more than 20 years of experience, and specialize in Private Investments in Public Equity (“PIPEs”), reverse mergers, public and private mergers and acquisitions, and corporate recapitalizations and restructurings, among other services.”