mPhase Technologies Acquires 10% Equity Stake in Sovereign Tracking Systems LLC
mPhase Technologies, Inc., which in February announced its intention to create a version of its Smart Nanobattery optimized for use in its active RFID (Radio Frequency Identification) applications, announced the acquisition of a 10% interest in Sovereign Tracking Systems, LLC. Sovereign is a small, privately held Brick, New Jersey-based technology company specializing in real-time asset management tracking technologies, supported by active radio frequency identification tags (RFID).
RFID is a radio transmitter sensor technology used for security and tracking systems. Active tags are used to keep track of high value inventory items and capital assets, such as shipping containers, medical equipment and automobiles. RFID has a distinct utilization for monitoring high-end medical inventory and for many other uses within a healthcare facility setting.
Ronald A. Durando, CEO of mPhase Technologies, Inc., said: "We are thrilled to enter into this acquisition agreement with William A. Robinson, President and CEO of Sovereign Tracking Systems. Mr. Robinson is one of the industry’s truly brilliant visionaries, having spent over 35 years as a consultant to the U.S. Government and as one of the founding fathers of the Global Positioning Systems technology."
Durando added, "mPhase’s acquisition of Sovereign Tracking Systems, LLC from a strategic viewpoint makes sense in so many ways. Sovereign has a very strong patent position in the category of active, real-time tracking systems that use RFID tags to secure high-end asset and personnel tracking and monitoring systems. We see a unique opportunity here with mPhase’s new Smart Nanobattery. We look forward to leveraging the Sovereign acquisition to solidify our positioning in the marketplace and to enhance shareholder value."
Robinson commented on mPhase’s investment in his firm, "We are at the dawn of a new era in active RFID technology and have gotten to the point of the managed growth of our organization where it makes sense for us to obtain capital for growth. All of us at Sovereign Tracking Systems are extremely pleased to be part of the mPhase/AlwaysReady organization, which is uniquely qualified to bring exciting new technologies into the marketplace and into commercial and consumer venues on a global basis. These are truly exciting times."
mPhase’s new Smart Nanobattery architecture promises an energy source that can be packaged in various configurations, with shelf life lasting decades, yet still able to be activated almost instantaneously on demand. This has a distinct relevance with active RFID applications. Various battery designs based on this technology may deliver a new and unique component for system design across many fields, including defense, healthcare, industrial and consumer electronics.