MPHASE SEES CONTINUED IMPROVEMENT IN KEY BUSINESS UNITS; PAYS OFF CONVERTIBLE NOTES DURING AUGUST 2020

mPhase Technologies, Inc. (OTCQB: XDSL) (“mPhase” or the “Company”) is providing the following update to highlight notable improvements in its travel and customer engagement divisions. The Company’s Travel Buddhi division is progressing with its white label travel solution, which provides travel agents with a turnkey portal to create and monitor their customers’ travel plans. Travel Buddhi is using a measured roll-out as it completes its technology, gaining valuable insight from initial customers. With 60 travel agent customers already onboard during the early sign-up period and new agent customers signing each week, this marks the beginning of the software as a service (SaaS) revenue cycle for Travel Buddhi. This is a major milestone in the division’s goal to develop multiple revenue streams, beginning with core recurring monthly subscription revenue and eventually adding transaction-based revenue.