Elephant Talk Receives $10 Million Service Prepayment as part of New 5 Year Contract with Existing MNO Client in Europe Increased capabilities positions the Software-DNA™platform for the roll out to other geographies
OKLAHOMA CITY, Dec. 13, 2013 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) (the "Company" or "Elephant Talk"), (www.elephanttalk.com), a leading international provider of mobile proprietary Software Defined Network Architecture (Software DNA™) platforms and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, today announced that the Company has signed a 5-year extension with an existing Mobile Network Operator (MNO) in Europe. Under the financial terms of this new contract, the Company expects that hosting fees will increase approximately 13%, on average, per SIM per month, in exchange for improved service levels. Elephant Talk will receive continuous prepayments of approximately $10 million for the duration of the contract.
Steven van der Velden, Chairman and CEO of Elephant Talk stated: "We are excited to enter this next phase in our relationship with this leading mobile operator. With this new contract, we will receive continuous prepayments of $10 million+ for the duration of the contract. This next phase is a key milestone for the Company as we further deploy our enhanced Software-DNA™ platform designed to support the high-level operational requirements of today's mobile carriers. It is equally as important for us to service the needs of their multiple wholesale customers (MVNOs) and millions of end-users. Through this contract, our client has demonstrated their commitment to our partnership and continues to provide critical validation of our platform and software capabilities. We are pleased to play a critical role in enabling this MNO to meet its ambitious growth and commercial targets."
Martin Zuurbier, CTO Elephant Talk commented: "This contract is the result of a strong business collaboration and commitment to high standards between our two organizations, and our mutual efforts to further build upon our world-class Software-DNA™ platform. As a result of this combined product development effort, we believe that Elephant Talk's platform is now well positioned to provide services to our partner's other European geographies."
About Elephant Talk:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a leading international provider of mobile proprietary Software Defined Network Architecture (Software DNA™) platforms for the telecommunications industry that empower Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, Full OSS/BSS Systems, Delivery Platforms, Support and Managed Services, on-site, cloud, hybrid and S/PaaS solutions, including Network, Mobile Internet ID Solutions, Secure Remote Access Management, Loyalty Management and Transaction Processing Services, superior Industry Expertise and high quality Customer Service without substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Operators amongst its customers, including Vodafone, T-Mobile, Zain and Iusacell. Visit: www.elephanttalk.com.
ValidSoft provides advanced mobile- and cloud-security solutions. ValidSoft has developed a custom-built sophisticated multi-factor authentication platform (SMART™) for the mobile world, which takes full advantage of mobile telecommunication channels and devices and includes a leading proprietary voice biometric engine. These solutions combat electronic fraud and safeguard consumer privacy across internet and mobile banking, credit/debit-card and (mobile and fixed line) telephony channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), ensure the fidelity of telecommunication channels (Secure Communications), and confirm the integrity of transactions themselves (Transaction Verification) – in each case in a manner which is scalable for the mass market, cost-effective, secure and easy to use and deploy. The company counts some of the world's largest financial institutions among its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit: www.validsoft.com.
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 the Company's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company'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 the Company 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, the Company 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 the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained upon request from the Company.
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