NEW YORK, Jan. 22, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, announced today that it has expanded its relationship with AirFox by adding AirFox's Blockchain and AirToken (AIR) platform to the Pareteum Global Cloud Service Platform.
As Pareteum continues to expand into the global and emerging markets, the companies previously partnered to provide subscriber connection subsidies, for Pareteum's MVNO customers, and their retail customers, via paid advertising by Google and other advertising management platforms. The addition of AirFox's microloan application, backed by its AirToken (AIR), provides MVNOs (Mobile Virtual Network Enablers), and, Smart City companies their own peer to peer direct non-cash settlement services. It is these Blockchain secured and crypto paid services that will serve the needs of local citizens, many of whom are underbanked, with a micro lending opportunity that is expected to have demonstrable ecosystem impact, and facilitate seamless, non-cash payments, all through their mobile services.
Vic Bozzo, CEO of Pareteum commented, "As we forge further into underserved markets, the advantage of the new Internet paradigm shift in mobile allows investors to crowdsource regional opportunities that were previously reserved for local services only."
"We are pleased to announce an expanded partnership in which we will provide hundreds of companies in Pareteum's network with access to the blockchain-powered AirToken platform," said Victor Santos, CEO and Chairman at AirFox. "By offering the AirToken platform to its clients, Pareteum will be able to deliver more value and enable MVNOs to generate new revenue streams in emerging markets. We look forward to working closely with Pareteum as we integrate our unique platform and help billions of people in emerging markets break out of the poverty cycle their families have been living in for years."
Hal Turner, Executive Chairman and Principal Executive Officer at Pareteum stated, "Pareteum and AirFox form a highly complementary technology partnership. These new converged services, centered on the security offered via Blockchain and Pareteum's open source developed award winning software services for communication service providers, extend TEUM's s abilities for person to person mobile payments, that are trusted. We see new markets, faster services adoption and deeper market penetration occurring, as well as our inevitable march toward cloud based self-services, utilizing our insights gleaned from data analytics, for everything. This bodes well for our partners AirFox and for Pareteum, in fundamental revenue growth and profitability."
Founded by ex-Googlers Victor Santos and Sara Choi in January 2016, AirFox quickly established itself as the leader in affordable data plans for US-based prepaid wireless carriers. Incubated at Harvard's Innovation Lab, AirFox is a TechStars Boston alumni and is venture backed by Project 11, Launch Capital, and NXT Ventures, among others. AirToken is an Ethereum-based ERC-20 digital utility token that facilitates the transfer of mobile airtime, data and currency, as well as payments for goods and services, with minimal friction and fees. A peer-to-peer network connects lenders around the world to borrowers in developing countries using AirTokens (AIR). In October 2017, AirFox reached its $15 million funding goal and has closed its public ICO.www.airtoken.com // www.airfox.io
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.
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