NEW YORK, Dec. 5, 2017 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing mobile Cloud Communications Platform company, announced today that its previously awarded $24 Million agreement with a leading Eastern European telecommunications company has been extended to now include Smart City.
A Smart City is an urban area that uses different types of electronic data collection sensors to supply information used to manage assets and resources efficiently. This includes data collected from citizens, devices, and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, water supply networks, waste management, law enforcement, information systems, schools, libraries, hospitals, and other community services. The smart city concept integrates information and communication technology with various physical devices connected to the network (the Internet of Things or IoT) to optimize the efficiency of city operations and services and connect to citizens. Smart City technology allows city officials to interact directly with both community and city infrastructure and to monitor what is happening in the city and how the city is evolving.
The Smart City award will add an incremental $8 Million revenue over the next five years. The overall program with the Eastern European telecommunications company is currently in deployment and activation. The Smart City initiatives include clean air monitoring, first responder networks, smart grid, smart meters, energy management, location tracking and high bandwidth Internet.
Vic Bozzo, Chief Executive Officer of Pareteum, commented, "We are really pleased with our progress with our leading Eastern European telecommunications client and this incremental contract award further demonstrates our abilities and expertise in connectivity and the Internet of Things enablement of mobility, messaging and security. This new contract adds an incremental $8 million in revenue and we look forward to participating in additional growth as we build out this Smart City."
Hal Turner, Founder and Executive Chairman of Pareteum, stated, "The Smart City vision is a significant one and so is the global market opportunity. Smart Cities are interconnected, sustainable, low carbon cities striving to be more competitive, livable and attract more investment than traditional counterparts. We believe our connectivity and IoT's enablement position us well to succeed in this emerging opportunity. The vision spans mobility, transport, buildings, infrastructure, energy and water management, security, even healthcare and governance and is expected to grow to $1.5 trillion in 2020."
About Pareteum Corporation
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. 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.
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SOURCE Pareteum Corporation