Pareteum Adds $24 Million in Agreements
Adds Five New Brands with December Contracts
NEW YORK, Dec. 13, 2018 /PRNewswire/ -- Pareteum Corporation (Nasdaq: TEUM), a cloud software platform company, today announced that it has added five additional three-year agreements in December 2018 totaling $24 million in 36-month contractual revenue backlog.
The new agreements include the following:
- Connectivity solutions for Ecuador-based mobile virtual network operator that offers mobility network services across public and private sectors;
- Roaming and mobile services for Latin-American telecommunications company that offers long-distance calling, internet and broadband across Chile, Argentina, Brazil and Colombia;
- Integrated solutions for European telecommunications company that provides mobile and software solutions throughout UK;
- Smart billing solutions for international startup company focused on secure mobile money transactions globally; and,
- Connectivity solutions for US mobile virtual network operator that provides high-speed internet, mobile, streaming and broadband services.
"Pareteum continues to expand to further accommodate our customers and the market demands for the connectivity and cloud platform mobility solutions we bring to their businesses," said Rob Mumby, chief revenue officer of Pareteum.
Pareteum Executive Chairman and Principal Executive Officer Hal Turner commented, "Pareteum's mission is to accelerate the world's shift to an open mobility and application network. Our new customer success stories speak volumes about our platform capabilities, and existing customers continue to expand their services with us."
About Pareteum Corporation:
Pareteum Corporation (Nasdaq: 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, São Paulo, Madrid, Barcelona, Bahrain, Singapore, Indonesia, Germany, Belgium, United Kingdom and the Netherlands. For more information please visit: www.pareteum.com.
Contractual Revenue Backlog Definition:
Contractual Revenue Backlog, 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.
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:
Ted O'Donnell
Chief Financial Officer
+1 212 984 1096
[email protected]
Stephen Hart
Hayden IR
+1 917 658 7878
Carrie Howes
Rayleigh Capital
European- Global IR
+1 416 837 0075
SOURCE Pareteum Corporation
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