mPhase Technologies (OTC:XDSL) today announced it has reached an agreement with the Bell Labs research and development arm of Lucent Technologies (NYSE:LU) to co-develop and commercialize uncooled magnetic ultra-sensitive sensors for a host of defense and civilian applications.

The sensors, technically referred to as magnetometers, are based on Micro Electro Mechanical Systems (MEMS), using designs based on fundamental breakthroughs made in the past few years at Bell Labs using the facilities of the New Jersey Nanotechnology Consortium (NJNC). Initial tests of these MEMS magnetometers indicate sensitivities 1000 times those achieved in presently available uncooled magnetometers. Based on MEMS technology, these devices will be small, rugged, and inexpensive and will create a new generation of uncooled ultrasensitive magnetic field sensors.

Exhibit 99.1: Press release dated March 10, 2005 of mPhase Technologies, Inc.