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SOURCE Pareteum Corporation
NEW YORK, Feb. 28, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, announced today it has been awarded a 3-year contract to provide Global Cloud Services to launch a global Mobile Virtual Network Operator (MVNO) for an established Carrier. The contract is scheduled to add over $10,000,000 to Pareteum's 36 month contractual revenue backlog.
Under the terms of the agreement, the global MVNO will leverage connectivity provided by Pareteum's Global Cloud Platform to service the needs of 300,000 subscribers once fully deployed. Pareteum is providing Communications Platform as a Service (CPaaS) that support and enable subscribers, and, the connectivity for the voice, messaging, and data service bundle. Monthly fees apply to the support and usages services consumed.
Vic Bozzo, CEO of Pareteum stated, "This contract is a major milestone for continued growth. Being awarded this contract demonstrates that the technology and strategy of Pareteum's turn-key solution for launching mobile network operators is being widely adopted across the globe."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum said, "Pareteum's Global Cloud Service Platform, recognized by TMC for the Communications Solutions Product of the Year 2017, the 2017 IoT Excellence Award, and again for the Internet Telephony Product of the Year 2018, provides a clear disruptive, distinguishing, and sustainable advantage in the marketplace and for the customers who vote with their dollars. Delivering service, virtually on demand, separated us from our competitors in this key customer decision. Our global cloud provides a single orchestration interface to customers who wish to expand their customer base and generate new sources of revenue, especially with mobile services. Pareteum's services development roadmap, featuring identity management, Blockchain, predictive analytics and insights is geared to assist our customers with viable new services for their subscribers needs."
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:
Chief Financial Officer
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