Pareteum Executive Team and Board Demonstrate Long Term Commitment
Pareteum Executive Management Team and Board Demonstrate Long-Term Commitment to Company Growth with the Purchase of Shares
Executive Management Team and Board Members Acquire Shares in Off-Market Transaction
NEW YORK, NEW YORK, February 21, 2017 – Pareteum Corporation (NYSE MKT: TEUM) (“Pareteum” or the “Company”), a leading international provider of mobile networking software and services, today announced that Hal Turner, Executive Chairman, Vic Bozzo, Chief Executive Officer, Ted O’Donnell, Chief Financial Officer and Independent Directors Yves van Sante and Roderick de Greef entered into a share purchase agreement and participated in a private transaction to acquire an aggregate of 1,379,555 shares of common stock of the Company at $0.11 per share.
“We believe with today’s transaction, management and members of the Board are demonstrating our belief in the value inherent in Pareteum, which is driven by industry acceptance of our Global Cloud Mobility Strategy, the renewed growth in the Mobile Virtual Network sector, and the emergence of the Internet of Things requiring our technology. Based upon our team’s insight into the market, the strength of our expanded portfolio of products and the support we are receiving from our key customers and partners, we consider the purchase of shares as an investment opportunity. Further, it is indicative of our long-term commitment to the Company through the acquisition of additional shares of common stock,” said Hal Turner, Executive Chairman of Pareteum.
The Company is pleased with the progress accomplished to date, and maintains a positive outlook for its future growth potential. Therefore, the Company wants to disclose that the officers and directors may purchase the Company’s stock, from time to time, at prevailing prices.
About Pareteum Corporation:
Pareteum Corporation and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise, SaaS and IoT markets. Mobile Network Operator (MNO) customers include Vodafone, the world’s second largest mobile operator by customer count, Zain, the 4th largest mobile operator in the world in terms of geographical presence and other Tier 1 operators, MVNO customers such as Lebara and Lowi, and partners including Cleartech and Expeto. For more information please visit: www.pareteum.com.
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.
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