NEW YORK, April 18, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, announced today that it has signed a 3-year contract to provide its Managed Service Platform (MSP) to an IoT and MVNO provider in the Indian Subcontinent.
Pareteum's Managed Services Platform will provide a fully integrated, single source solution that will enable its newest customer to deliver multi-country branded services, digital applications, data services and traditional mobile services to its end users. Under the terms of the contract, Pareteum will help them expand into 5 countries providing platform services combined with Connectivity. Pareteum will receive a monthly fee for each subscriber on the platform and will also receive revenue for the connectivity associated with these subscribers.
Under the terms of the agreement, Pareteum will be paid on a monthly recurring revenue basis for platform support services based on the number of connections. Additional fees will be paid to Pareteum for other solutions, as activated, including Blockchain enablement.
Vic Bozzo, CEO of Pareteum, stated, "Pareteum's MSP Platform is a perfect fit for the contract with our newest global client. This part of the world represents high growth in connections as the digital economy takes over. We are pleased with Rob Mumby and his team as they continue to add customers to our platform."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, "Our strategy for accelerating the world's shift to an open mobility and application network includes Pareteum's continued extension of our mission to provide services for any device, any network, anywhere. This newest customer is a clear indicator of the global opportunities available in the marketplace. Pareteum's fully integrated cloud services, and, application developers' platform, provide a flexible single solution, without heavy capital investment in infrastructure, creating geographical freedom."
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. Our platform services partners (technologies integrated into our Cloud) include: HPE, IBM, Ribbon Communications (Sonus+GenBand), 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 contract revenue backlog ("Non-GAAP") assumes timing of revenue recognition that may vary from actual results. The contract revenue backlog is a Non-GAAP management reporting measure and differs from any revenue or earnings outlook that may be provided from time to time by other means. This Non-GAAP measurement is not recognized under generally accepted accounting principles ("GAAP"). Accordingly, investors are cautioned about using or relying on these measures as alternatives to recognized GAAP measures. The Company's methods of calculating these measures may not be comparable to similar measures presented by other companies.