Pareteum Announces 3-Year Employment Extension of Founder, Executive Chairman & Principal Executive Officer, Robert ‘Hal’ Turner
NEW YORK, NEW YORK – PRNewswire – June 6, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced that it has entered into an employment amendment agreement (“Agreement”) with Mr. Turner, pursuant to which his engagement will continue until at least November 18, 2021. Mr. Turner’s prior agreement was based on a fixed term through November 2018 and the company is therefore delighted to ensure the continued engagement of Mr. Turner for a further three years, while the company executes on a significant and value-generating corporate development and market growth strategy.
The Agreement also includes provisions for performance-based remuneration, as well as M&A change of control provisions to permit accelerated vesting of equity awards, and tax gross-up allowances.
Commenting on the Agreement, Mr. Turner stated: “I am very pleased to offer my continued and undivided commitment to Pareteum, its shareholders and our ‘TEUMates’. This phase in the company’s aggressive growth cycle will be as dramatic and positive as the last three years, and will involve enhanced value-generation for all stakeholders. I am fortunate to have a world-class executive management team, a talented and experienced Board of Directors, and an active and supportive shareholder base, all of whom I thank for the opportunity to lead Pareteum. As is clear from our recent announcements and results, we are attacking the market with unprecedented vigor and speed, and we have a highly ambitious market capture strategy which my executive management team and I are laser-focused on delivering.”
Mr. Yves van Sante, Chairman of the Nominating and Governance Committee of the Board of Directors stated: “We are delighted with the renewed engagement of Mr. Turner as Founder, Executive Chairman and Principal Executive Officer of the Company. Pareteum is a remarkable success story in the making, a company which Mr. Turner effectively founded following the dramatic corporate rescue and turnaround of the past three years. On behalf of my colleagues on the Board, we thank Mr. Turner for his extraordinary dedication and commitment, and we look forward to realizing the clear opportunity in the next chapter of this success story.”
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect “every person and everything”. Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. Our platform services partners (technologies integrated into our Cloud) include: HPE, IBM, Ribbon Communications (Sonus+GenBand), Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum’s award winning software, developed and enhanced for many years. By harnessing the value of communications, Pareteum serves retail, enterprise and IoT customers. Pareteum currently has offices in New York, Sao Paulo, Madrid, Barcelona, Bahrain and the Netherlands. For more information please visit: www.pareteum.com.
Forward Looking Statements:
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Pareteum’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Pareteum’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of Pareteum may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Pareteum also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Pareteum’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from Pareteum Corporation.
Pareteum Investor Relations Contact:
Chief Financial Officer
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