The PHASORS project targets the development and applications of fibre based Phase Sensitive Amplifier (PSA) technology in 40Gbit/s broadband core networks, and seeks to provide Europe with a lead in this important yet relatively unexplored area. PSAs have the potential to be a disruptive technology within future optical communications, enabling ultra-low noise amplifiers and a host of important ultrafast optical processing functions for networks employing high spectral efficiency phase encoded signals.Specifically PHASORS will:(1) Develop a reliable technology base for the realisation of practical, cost effective, PSAs and will advance the state-of-the-art in phase-locked pump systems, narrow linewidth lasers, high power amplifiers and lasers, and high performance nonlinear fibres.(2) Investigate both interferometric and non-interferometric fibre based approaches to PSA. (3) Demonstrate a PSA with a record noise figure of less than 1dB.(4) Demonstrate the benefits of the low noise properties of PSA for transmission applications.(5)Demonstrate the use of PSAs within two different application spaces:\tPhase sensitive optical sampling at data rates of > 40 Gb/s; \tOptical regeneration of phase modulated data signals at data rates >40 Gb/s.PHASORS is therefore fully aligned with the objectives of ICT-2007.3.5: Photonic components and subsystems and directly addresses several of its target outcomes by developing "high performance lasers" and using them together with "optical fibres for high performance" within specific applications in phase-sensitive parametric amplification. If successful, the PHASORS technology will have a significant impact in enabling "scalable, future-proof" and "cost effective broadband core networks at 40Gb/s or beyond per channel". The high performance components developed will also have applications in a range of other non telecom applications including sensing, aerospace, metrology and medicine amonst others.