Pareteum Concludes Amendment to Credit Agreement
Pareteum agrees on Amendment with senior lender Post Road Group for additional cash drawdown and future flexibility
NEW YORK, NY – August 26, 2019 – Pareteum Corporation (Nasdaq: TEUM), the rapidly growing cloud communications platform company, today announced that it has successfully concluded an Amendment to the Credit Agreement dated February 26, 2019, with its senior secured lender, Post Road Group.
The Amendment includes a drawdown of $2.5 million, which the company will use for general business purposes. The active debt facility is available for further drawdowns to be used for general business and growth opportunities.
Pareteum Executive Chairman and CEO Hal Turner, commented: “We are pleased to conclude this Amendment, which puts the company on a firm footing for our ambitious growth strategies that will continue to be executed this quarter and beyond. The additional flexibility afforded by this Amendment ensures we are able to be as agile and responsive in our corporate development activities as we are for our customers.”
Pareteum Chief Operation Officer Denis McCarthy explained: “We are very pleased to continue to work closely with Post Road Group to help fund our continued acceleration of customer deployments as well as fund our aggressive expansion plans.”
About Pareteum Corporation:
Millions of people and devices are connected around the world using Pareteum’s Global Cloud Communications Platform, enhancing their mobile experience. Pareteum unleashes the power of applications and mobile services, bringing secure, ubiquitous, scalable, and seamlessly available voice, video, SMS/text messaging, and data, media and content enablement to our customers, making worldwide communications services easily and economically accessible to everyone. By harnessing the value of our cloud communications platform, Pareteum serves enterprises, communications service providers, early stage innovators, developers, IoT, and telecommunications infrastructure providers. Pareteum envisions a new mobile communications experience imagining what will be, and delivering now. Pareteum currently has offices in North America, South America, Spain, Bahrain, Singapore, India, Indonesia, Germany, Belgium, United Kingdom, Russia, and the Netherlands. For more information please visit: www.pareteum.com.
About Post Road Group:
Post Road Group is a private investment firm located in Stamford, Connecticut. The firm deploys three complementary strategies: Corporate Special Opportunity Investing, Multi-family Ownership, and Real Estate Finance. Since its founding in 2015, Post Road Group has completed over $750 million of investments.
Post Road’s Special Opportunity Fund I invests in middle-market private debt and equity investments, with a focus on the telecommunications, media and technology (“TMT”), business service, and healthcare service industries. The firm provides companies with flexible capital for strategic acquisitions, organic growth, and other special situations. Post Road’s Multi-family platform acquires and operates well-located multi-family properties nationwide, with a focus on attractive in-place cash flow and the ability to create value through repositioning. The firm’s Real Estate Finance platform provides bridge, mezzanine and preferred equity financing solutions to real estate operators nationwide seeking fast and flexible capital.
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.
Pareteum Investor Relations Contacts:
+1 650 232 4341
The Blueshirt Group
European- Global IR
+1 650 232 4238