Pareteum Wins $30 Million in New February Contracts
NEW YORK, March 5, 2019 /PRNewswire/ -- Pareteum Corporation (Nasdaq:TEUM), a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)™, today announced twenty new customers have executed 3-year contracts during February 2019, valued at $30 million in the company's expanding 36-month contractual revenue backlog (36MCRB). These new customer transactions geographically span Europe, Middle East, Africa, US and Asia, and include software communications platform service offerings including those from the company's recent acquisitions of iPass and Artilium.
A sample of these new agreements signed in February 2019 include the following:
- Cloud communications platform and connectivity services for a UK-based Mobile Virtual Network Operator (MVNO)
- Cloud communications platform and connectivity services for a US-based Mobile Virtual Network Operator (MVNO) that offers talk, text and data plans specifically targeted at people of faith
- Cloud communications platform and connectivity services for a US-based Mobile Virtual Network Operator (MVNO)
- Cloud communications platform and connectivity services to power in-vehicle Internet of Things (IoT) devices for a US-based engineering and manufacturing company
- Messaging, text to speech (TTS), and cloud communications platform for Internet of Things (IoT) global provider based in Africa
- Full Deployment of SmartConnect™ mobile connection management solution with Wi-Fi connectivity to a US based Fortune 1000 enterprise
- SMS (Short Message Service) and voice solution for an Asian Voice over Internet Protocol (VOIP) Global Standard for Mobile (GSM) manufacturer
- SmartConnect™ mobile connection management solution with Wi-Fi connectivity to a US based Fortune 2000 enterprise
Executive Chairman and Principal Executive Officer of Pareteum, Hal Turner commented: "These new customers have chosen Pareteum because we solve real problems and add immediate value to their operations. This is our "Power of ONE TEUM" – by bringing together Pareteum, Artilium, and iPass, we are delivering innovative, easy to use products and services that are the leading edge of this industry. This is how we "reimagine communicatons" everyday. It is our customers, who have been with us for years and continue to buy more services from us, coupled with our newest relationships, who have benefited most from TEUM"s growing market momentum and have contributed to our ever expanding service reputation for quality and dependability."
Vic Bozzo, Chief Executive Officer at Pareteum, added: "Our plan to establish Pareteum as the leader in communications services is progressing well. We are very pleased with the traction over the last month and the growing list of customers who are choosing to partner with Pareteum to deliver innovative communications services."
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 services 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, Indonesia, Germany, Belgium, United Kingdom, Russia, and the Netherlands. For more information please visit: www.pareteum.com
36 Month Contractual Revenue Backlog Definition:
36 Month Contractual Revenue Backlog (36MCRB), is a Non-GAAP financial measure. It is measured on a forward-looking 36-month snapshot view, monthly, and is generated by the Company's Communications Services Providers, Enterprises, and IoT customers who use communication as a service platform products and services from the company's portfolio. 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 (connections), in some cases including subscriber (connections) usage, during the term of the agreement, and, their resulting monthly recurring 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:
Chief Financial Officer
+1 212 984 1096
+1 917 658 7878
European- Global IR
+1 416 837 0075
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SOURCE Pareteum Corporation
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