mPhase Technologies to form separate magnetometer company

LITTLE FALLS, N.J., 21 August 2006. mPhase Technologies Inc. has announced that its Board of Directors has approved the spinout of its ultra-sensitive magnetometer business into a separately traded public company. The spinout is subject to shareowner approval. The new company, to be led by a new CEO, could immediately leverage intellectual property, partnerships, and customer relations garnered in the magnetometer development program underway with Lucent Technologies Bell Labs.

Aug 21st, 2006

LITTLE FALLS, N.J., 21 August 2006. mPhase Technologies Inc. has announced that its Board of Directors has approved the spinout of its ultra-sensitive magnetometer business into a separately traded public company. The spinout is subject to shareowner approval.

The new company, to be led by a new CEO to be hired, could immediately leverage intellectual property, partnerships, and customer relations garnered in the 18-month magnetometer development program underway with Lucent Technologies Bell Labs.

A jointly-developed Micro-Electro Mechanical Systems (MEMS) prototype magnetometer has been shown to detect the presence of a metal object from more than 30 feet away. Detecting changes in magnetic fields, it could be applied to pinpoint the direction of magnetic objects.

The most recent test of a single uncooled sensor device involved detection of a simulated rifle from a distance of approximately 30 feet, indicating that an array of sensors may detect it from a far greater distance -- possibly 100 feet or more.

Initial applications for such magnetometers will be centered on national defense and homeland security.

More in Communications