Pareteum Secures $50 Million in New Contracts During August
36-Month Contractual Revenue Backlog is $375 Million
NEW YORK, NEW YORK – PRNewswire – September 17, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Global Software Defined Cloud company, delivering award winning mobile enablement solutions, announced the signing of contracts totaling an additional $50 Million during the last two weeks of August 2018. These new contracts do not include any previously announced awarded contracts. The 36-Month Contractual Revenue Backlog (36MCRB) totaled $375 million at August 31, 2018.
Pareteum’s new customer agreements include the following applications:
- IoT Security providing home monitoring systems
- Wireless Mobile Phone Service provider throughout the US
- Mobile Application Developer integrating Mobile services with flexible data packages
- Mobile provider for Consumer Mobile Brands
- Distributor of mobile brands throughout the UK
- UK-Based Full service mobile provider to Consumer, Enterprise and Banking customers
The following customers are among those recently newly contracted:
Hal Turner, Pareteum’s Principal Executive Officer commented, “Customers are accelerating new revenues and substantial savings in ever increasing numbers. It is Pareteum’s Global Software Defined Cloud, with its SuperAPI that makes this possible, affordably for our customers. We have assembled a first class sales executive organization, led by Rob Mumby and Vic Bozzo, who with their colleagues are empowering Pareteum customers with disruptive and innovative solutions, every day. This is how we deliver new services creation, enabling new revenues, and operational efficiencies. Our customers’ inevitable business growth and competitiveness is why they keep signing new agreements.”
Pareteum Corporation (NYSE American: TEUM) is a rapidly growing Global Software Defined Cloud company with a mission to connect “every person and everything.” Organizations use Pareteum to energize their growth and profitability through our Global Software Defined Cloud and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. Our Cloud platform services partners (technologies integrated into our cloud) include: HPE, IBM, Ribbon Communications (Sonus+GenBand), NetNumber, Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum’s leading Global Software Defined Cloud, delivering award-winning mobile enablement, regardless of the user’s location or network. 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, Singapore 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, 36MCRB, or just Backlog, a Non-GAAP measure is measured on a forward looking 36 month snapshot view monthly, and, is generated by each of the Company’s Managed Services, Global Software Defined 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 contractual revenue. There can be no assurances that we reach the total contract revenue backlog. Timing of revenue recognition may vary from actual results.
Pareteum Investor Relations Contacts:
Chief Financial Officer
T UAE: +971 (0) 55 997 0427 | T UK: +44 (0) 870 490 5443 | T CAN: +1 416 900 3634