Pareteum Wins $22 Million Contract with Digital Currency Wi-Fi Provider
NEW YORK, April 2, 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 a new sales transaction worth in excess of $22 million over 36 months.
The new contract will see the Pareteum solution enabling rapid global expansion for an innovative digital currency-based connectivity solution for consumers.
Pareteum's new customer is building a global blockchain-based Wi-Fi sharing community. Members can mine tokens by sharing their Wi-Fi, whether residential or within commercial locations, and use those tokens for Wi-Fi connectivity at other locations within the network.
Access to Pareteum's global smart Wi-Fi network has been embedded in the mobile app provided by Pareteum's new customer to its users, allowing them to redeem tokens for seamless connectivity at numerous high-demand public locations in the transport, leisure, hospitality, and retail sectors across the world.
End users will also be able to access Pareteum's extensive global in-flight footprint.
Pareteum is unique in being able to offer a single, global Wi-Fi network, delivering immediate scale without the need for customers to negotiate and provision numerous individual network agreements, which can significantly delay time to market.
The customer launched Pareteum-enabled services on April 1st, 2019 as part of a 36-month contract.
Rob Mumby, Chief Revenue Officer for Pareteum, said, "The use of blockchain technology to transform Wi-Fi into a new currency for a global community is a perfect fit with our company vision of communications re-imagined, and we are ecstatic to power rapid global expansion to this new model. Our cloud solution delivers full spectrum communication services from a single source, and we look forward to being a great strategic partner to our new customer."
Pareteum's cloud platform delivers a complete, API-driven solution for Enterprises, Communications Services Providers, and the IoT market through developers and their applications. It combines connectivity, including mobile service management (prepaid and postpaid services) with smart-managed, global Wi-Fi and cellular access, including full operational support, as a service.
Christine Braelow, Pareteum's Vice President, Global Sales, for Enterprise and Brnd commented, "Pareteum's global cloud solution offers tremendous flexibility and it is hugely exciting to see the many ways our customers use it to drive value and market disruption. We are delighted to be working with such a dynamic new customer."
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, 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
Laura W. Thomas
+1 703 930 4282
European- Global IR
+1 416 837 0075
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SOURCE Pareteum Corporation
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