Pareteum Regains Compliance with NYSE American Listing Standards
NEW YORK, NEW YORK, November 29, 2017 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, announced today receipt, on November 27, 2017, of notification from NYSE Regulation that the Company has regained compliance with Section 1003(a) of the NYSE American’s Company Guide relating to minimum shareholders’ equity.
The Company previously received notification from the NYSE American citing failure to comply with the minimum shareholders’ equity and minimum stock price standards. With this latest notice, Pareteum has now cured the previously cited deficiencies and is in compliance with the NYSE American’s continued listing standards. Effective November 29, 2017, the “.bc” designation, signifying non-compliance with NYSE American listing standards will be removed from the Company’s trading symbol.
Hal Turner, Founder and Executive Chairman of Pareteum, stated: “We are happy to have regained compliance with the NYSE American listing standards. Our efforts in that regard, from a shareholders’ equity position, are, we believe, a reflection of our success in growing our mobile Cloud Communications Platform. We are confident in our SaaS business model and look forward to providing to our shareholders continued access to a liquid market on the NYSE American and the prospects of continued growth as we deliver on our record 36-month contractual revenue backlog of $114 million, as of October 31, 2017.”
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. 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:
Chief Financial Officer