Social Media Provider Enables Smartphone Services with Pareteum’s Global Cloud
Brands Empowered to Connect Subscribers to Each Other
Mobile Payments and Secure Blockchain Support Provided
NEW YORK, NEW YORK, January 04, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced it has been awarded a three-year agreement to provide customer-branded services for a social media application service provider. This new award adds $1,000,000 million in incremental revenue to the 36 Month Contractual Revenue Backlog of $147,000,000, as of December 31, 2017.
Pareteum’s newest customer is a UK-based company with a long history of providing Interactive Voice Response (IVR), Telecoms, Mobile, and Credit Card Services. This new mobile social media application will facilitate the pairing of two user-based profiles utilizing proprietary database and subscriber enrollment. These subscribers may simply invite someone to connect using either a talk or text button, which then generates a request to connect. If the request is accepted, a phone number will be generated that either party can use to reach the other. Pareteum is the enabler and provider of the capabilities for this connection. Pareteum’s platform is seen as a way to accelerate product capabilities while meeting end-user quality requirements.
“Pareteum’s unique mobile-integrated technology enables us to work with mobile operators to offer the market high-quality services simply, quickly and at a fair price. The contract will result in millions of new Connections from online subscribers on top of the pure mobile telephone subscribers we service. We are now seeing more and more of the API driven companies, of similar size and magnitude, that require connectivity. This is a large and growing addressable market that we expect to yield multiple wins, just as we have announced today,” stated Pareteum CEO, Vic Bozzo.
“The technologies coming out of Silicon Valley today from Artificial Intelligence (AI) to Machine Learning (ML), Blockchain and Social Media are creating a requirement for a single pane of glass for management, control, analytics, settlement and subscriber branding. Social Media companies are also beginning to embrace cryptocurrency as a new form of monetization beyond advertising. This is where we are focusing our development efforts in 2018. The results are clear and the demand for our product set is growing,” 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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