Pareteum Awarded Contract from Pan European Mobile Operator with African Subscribers
Three Year $5.4 Million Contract Drives Large Scale Expansion
NEW YORK, NEW YORK, January 10, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced that it has been awarded a three-year contract from a significant Cross Border European and African Mobile Operator. This established Mobile Operator provides Consumer, Enterprise and Internet of Things wireless services throughout Europe and Africa. Under the terms of the Agreement, Pareteum will provide its Global Cloud Services platform and receive revenue for subscribers, data and messaging services.
According to Ericsson, “While Nigeria and South Africa will continue to have the highest number of connected devices, IoT is taking shape in the rest of the region, especially in East Africa. The number of cellular IoT connections in the region is expected to grow at a CAGR of around 38 percent from 2016 to 2022, as governments and industries in the region begin to explore IoT solutions to solve region-specific challenges.”
“We are honored to be chosen for this contract. It represents the continued expansion to all corners of the Globe where there is a need for new offerings, applications, settlement services and access to a superior cloud platform. We look forward to deploying these services and generating revenue in the first half of 2018,” stated Vic Bozzo, CEO of Pareteum.
“Our efficient TEUM continues to perform at a level higher than industry standard because our customers and TEUM live in an “always on” world requiring us to live differently and answer industry demands faster. One consistent platform anywhere in the world is why customers are flocking to our solution,” stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.
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. 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.
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