Pareteum Awarded $1 Million 3-year Global Cloud Agreement
Provides Mobility (Cellular/Broadband) to U.S. Rural Service Provider
NEW YORK, NY – PRNewswire – April 12, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, announced today that a U.S. Wireless Internet Service Provider focused on bringing mobile and broadband services to consumers has chosen the Pareteum Global Cloud platform to manage and connect these services. The 3-year contract is for $1 million.
Enabled by Pareteum’s Cloud and Connectivity solution, this new customer can launch residential cellular broadband in communities that have historically been underserved due to a lack of remote network build-outs by terrestrial network owners. Pareteum powers the advancement of communications services to help this service provider give their customer alternatives with a turnkey wireless service. Under the terms of the contract Pareteum will be paid ongoing monthly fees for the subscribers and will also receive fees for any usage associated with the connections which could include wireless airtime.
“We are pleased to be chosen for this opportunity and our platform continues to distinguish itself in new application cases constantly. The rural markets, smart cities and Internet of Things continue to require a company and cloud that can connect anywhere,” said Vic Bozzo, CEO.
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, “Pareteum’s services roadmap, and, the Global Cloud mobility solutions offered, will aid our newest customer in bringing high quality and reliable connectivity to previously underserved communities. Our strategies are expected to enable and accelerate the world’s shift to an open mobility and application network. As we continue our success in providing customers valuable services and solutions, it will accelerate the pace of innovation in communities throughout the world, creating more economic freedom, and providing better mobility services to billions of underserved people. We intend to do this one customer and one community at a time, repeatedly.”
About Pareteum Corporation
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.
Contractual Revenue Backlog Definition:
Contractual revenue backlog is measured on a forward looking 36-month snapshot view monthly, and, is generated by each of the Company’s Managed Services, Global Mobility Cloud, and Application Exchange & Developer’s Platform customers. The Pareteum multi-year Software-as-a-Service agreements include service establishment and implementation fees, guaranteed minimum monthly recurring fees, as well as contractually scheduled subscribers, in some cases including subscriber usage, during the term of the agreement, and, their resulting monthly recurring revenue. There can be no assurances that we reach the total revenue backlog. The revenue backlog assumes timing of revenue recognition that may vary from actual results.
Pareteum Investor Relations Contacts:
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