Exhibit 99.1

July 28, 2011 10:00 ET

mPhase Announces Letter of Intent to Acquire Energy Innovative Products, Inc.

LITTLE FALLS, NJ--(Marketwire - Jul 28, 2011) - mPhase Technologies, Inc. (OTCBB: XDSL) today announced it has entered into a letter of intent (LOI) to acquire Energy Innovative Products, Inc. (EIP), a developer of proprietary technologies for reducing energy usage in refrigeration and cooling systems, as well as equipment utilizing AC induction motors. EIP, based in Fairfield, NJ, uses patented and patent pending solutions to offer a series of products that control voltage and current used by compressor systems, including those in refrigeration decks, HVAC wall units, commercial refrigeration systems, and consumer equipment. The company, founded in 2008, believes its technology is uniquely positioned to capitalize on each of these multi-billion dollar market opportunities by allowing legacy systems to achieve Energy Star status as well as compliance with emerging standards by the United States Department of Energy (DOE) and other regulatory bodies.

In the United States alone, there are several million legacy refrigerated vending machines used by major beverage co