Pareteum Awarded $3.1 Million South Asian Communications Services Provider Agreement
Contract Enables TEUM Global Cloud in Consumer Branding and Banking Services
NEW YORK, NY – PRNewswire – April 3, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, announced today that it has signed a 3-year contract to provide its Global Cloud Services Platform (GCSP) for services in South Asia.
Pareteum is powering this new customer to grow their subscriber revenues with applications addressing: Consumer Mobile brands, Mobile Banking, E-Commerce, and applications that require mobile integration from social media to online gaming. Using the Pareteum Global Cloud solution means that the Mobile Virtual Network Operator (MVNO) will now have a platform which provides them full control and flexibility to create marketing plans specific to each of their customer types. From a single user interface, the MVNO can now create a Consumer Retail Smartphone plan, an Enterprise Wide Secure Communications plan, and unique charging models for their Internet of Things customers. Under the terms of the 3-year contract, Pareteum will be paid monthly for every subscriber on the platform including their existing branded banking customers.
Vic Bozzo, CEO of Pareteum commented, “Beginning to tap into these large population centers in the emerging markets of Asia showcases the strength of our platform to service customers anywhere and everywhere with a single ubiquitous platform with ease of use and support of API (application programming interfaces) which means brands can embed mobility now directly into the user experience.”
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum stated, “The viral impact of the network effect, where each additive connection brings value that is accessible to all our connections, continues with this announcement. It is the significant power of our Pareteum Global Cloud Services Platform that enables, via our software and connectively, these new services. This is the age of global collaboration: TEUM’s ecosystem, including our partnerships and reach, now enable the virtual elimination of geographic boundaries. Delivery of our award-winning services can be aimed from around the globe to this South Asia region, with over 200 million people. We expect our goal of wireless and smart city business models to quickly scale in these markets.”
According to a recent Ericsson report, smartphone subscriptions are set to grow approximately five-fold by 2019 while mobile data traffic in the broader Southeast Asia and Oceania region will experience a 1000% growth rate into 2019.
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, Sonus, 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.
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Chief Financial Officer