NEW YORK, March 8, 2018 /PRNewswire/ -- Pareteum
Corporation (NYSE American: TEUM), ("Pareteum" or the
"Company"), the rapidly growing Cloud Communications Platform
company, announced today that it has signed a 5-year contract to
provide its Global Cloud Services Platform (GCSP) and Connectivity
for roaming, airtime, voice and SMS to a National Mobile Virtual
Network Operator who will provide services throughout Mexico. The contracting service provider is a
joint venture among a long established social entrepreneur
organization and a social capital business focused locally in
Mexico, that operates worldwide
with a mission aimed at bringing financial inclusion to the most
remote and economically disadvantaged regions of the globe. This
new agreement in Mexico represents
their first-time inclusion of affordable mobile and broadband
services.
Pareteum is powering this new customer to build their subscriber
revenues with applications addressing: Mobile Money, Mobile
Banking, E-Commerce, Education, Healthcare, Financial Inclusion,
and Emergency Management. Using the Pareteum Global Cloud solution
means that there is no heavy infrastructure or software investment
for the JV and more of their investment will go to serving the
underserved. Under the terms of the contract, Pareteum will be paid
monthly for every subscriber on the platform and additionally for
connectivity services. This new brand is expected to go live
by the end of Q2 2018 and is further expected to generate
$2.7 million over the next 36 months
in contractual revenue backlog.
Vic Bozzo, CEO of Pareteum
commented, "Last year we set in motion a strategy to acquire
customers in every corner of the globe by giving them one simple
platform and connectivity in as many places as we could through
partnerships with incumbent Mobile Network Operators and
Carriers. This latest win is specifically a result of the
hard work of our talented sales force and market leading technology
with simple interfaces and bundled connections."
Hal Turner, Executive Chairman
and Principal Executive Officer of Pareteum stated, "Our
participation in bringing greatly needed communications services to
an underserved area is most gratifying. It is the affordability of
our Global Cloud Services Platform which is making this possible
for social entrepreneurism at its best. The network effect
continues with this announcement but even more significant is the
recognition that the merging of Connections, relevant new
technology delivered through platform as a service, and the power
of the cloud to connect anywhere, is creating new streams of
revenue for Service Providers, Branded companies, and serving a
greatly needed public service."
About Pareteum:
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. Our platform services partners
(technologies integrated into our cloud) include: HPE, IBM, Sonus,
Oracle, Microsoft, and other world class technology providers. All
of the relevant customer acquired value is derived from Pareteum's
award winning software, developed and enhanced for many years. 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 Contact:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
Hayden IR
(917) 658-7878
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SOURCE Pareteum Corporation