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DTC "Chill" Removed From MPhase Common Stock

Stocks in this article: XDSL

EAST RUTHERFORD, New Jersey, October 3, 2013 /PRNewswire/ --

mPhase Technologies Inc. ("mPhase" or the "Company") (OTCQB: XDSL) - ( http://mphasetech.com/), today announced that shareholders who had experienced difficulty or additional costs when depositing the Company's shares  manually will now be able to have their shares deposited electronically in street name.  DTC has resolved all issues and cleared the Company to resume accepting deposits of the Company's common stock for book entry transfer services. All deposit restriction chills have been removed and the Company is now once again fully "DTC Eligible." DTC's removal of the chill now allows shareholders with online brokerage accounts with firms such as Scottrade, ETRADE, TD Ameritrade and other full service brokerage firms to deposit new shares of mPhase's common stock in the electronic system that controls clearance and settlement.  The Company has over 23,000 shareholders who should benefit from the additional number of choices now available to them as a result of this action.

Executive Vice President, Chief Financial Officer and General Counsel Martin Smiley said, "We are in receipt of and have reviewed a recent activity transaction journal supplied by our transfer agent, Jersey Transfer & Trust Co., which now confirms DTC's decision to accept XDSL share deposits and transfers into street name. We are pleased with the collaborative efforts by our lead outside securities counsel, Joseph M. Lucosky and Scott E. Linsky of Lucosky Brookman LLP, as well as counsel for DTC and DTC itself, in working to remove the chill, enabling our shareholders to once again deposit shares in street name."  Martin added, "We are grateful to the attorneys of Lucosky Brookman LLP, whose hard work and determination throughout this lengthy process was instrumental in accomplishing the removal of the DTC "Chill".  

For further information, please refer to your individual brokers concerning their respective policy modifications due to the lifting of the DTC "Chill".

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