Contract to Enable Delivery of Full-Featured 4G Services for Global Mobility Cloud Customers
NEW YORK, January 24, 2017 – Pareteum Corporation (NYSE MKT: TEUM) (“Pareteum” or the “Company”), a leading international provider of mobile networking software and services, today announced that it has been awarded a new technology development contract from Vodafone Enabler S.L.(VEE). Pareteum has received an additional engagement from Vodafone for the deployment of technology that enables the delivery of advanced service capabilities for customers hosted on its cloud platform and includes material upfront payments and additional ongoing fees.
The newest Vodafone Enabler engagement, a significant addition to its existing agreement, expands the capabilities of Pareteum’s customers including Mobile Virtual Network Operators (MVNOs), enterprises and communications service providers to deliver full-feature, advanced mobile services typically available to subscribers on Tier-1 4G networks. Once completed, the platform enhancement will allow Global Mobility Cloud customers to cost effectively offer mobile subscribers a full array of data-rich capabilities including mobile web access, IP telephony, gaming services, high-definition mobile TV, video conferencing, and VR applications. The Company is finalizing development and implementation of the new services for customers by the end of the first quarter of 2017. As clients are added to the broadband-enabled platform, Pareteum will receive additional monthly recurring subscriber revenue.
“Pareteum’s Global Mobility Cloud Platform has already begun to demonstrate its power to disrupt the mobile communications market by eliminating the costly barriers created by legacy networks and geographic location. Together with Vodafone Enabler, we are ready to accelerate that disruption,” said Hal Turner, Executive Chairman of Pareteum. “Broadband service delivery greatly enhances our cloud-based services capabilities by enabling any provider or any brand to offer the full range of advanced mobile services previously reserved for customers on the biggest, most advanced networks,” Mr. Turner added.
“Technology is having a significant impact on the mobile communications industry by enabling enterprises and consumer brands across every industry to provide new connectivity solutions to their employees and customers. Providing support for full-featured, advanced mobile services empowers those organizations to innovate and differentiate themselves; in turn creating tremendous value for their businesses and their stakeholders,” stated Vic Bozzo, Chief Executive Officer of Pareteum.
About Pareteum Corporation:
Pareteum Corporation, and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise and IoT markets. Pareteum’s large MVNE customers, include Vodafone (the world’s second largest mobile operator by customer count), Zain (ZAIN, the 4th largest mobile operator in the world in terms of geographical presence), Cleartech, Expeto and other Tier 1 and MVNO customers. For more information please visit: www.pareteum.com.
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.
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