NEW YORK, Dec. 12, 2017 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing mobile Cloud Communications Platform company, announced today that it has already commenced initial deployments of 'Connections' for the China-focused MVNO that was awarded in late November. This 3-year, $1 million contract enables the MVNO's China-based subscribers to connect and transact on their mobile devices anywhere in the world.
Pareteum executed on an unprecedented timetable of two weeks from contract award to "go live," allowing the MVNO client to focus on their subscriber acquisition and Pareteum to begin to recognize revenue. This speed of delivery is the result of the Company's turnkey cloud platform and connectivity bundle which is a key differentiator in winning new business and enhanced customer satisfaction. Pareteum's unique proposition enables brand service providers including multi-country enterprises and subscribers to take control over their own mobile future.
Vic Bozzo, CEO of Pareteum, commented, "The requirement was for the MVNO's China-based subscribers to connect and transact on their mobile devices anywhere in the world. By choosing Pareteum they were able to expand subscriber revenues through global connectivity and data, without the need for investment in infrastructure or software. Our latest software version fosters this new deployment paradigm and allows us to begin to access our contracted revenue backlog faster."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, stated: "We believe our TEUM's ability to rapidly deploy our technology's robust cloud-based platform are key value-adds that power our clients and distinguish us from our competition. As new technologies such as blockchain and bitcoin become viable settlement currencies, clients like this MVNO get the benefit of our platform, subscriber management, retail billing and integration with these innovative new technologies. We expect our strategic alliance with Artilium to enable us to capture new business in exciting new geographic areas, as well as provide expanded services for connectivity, mobility, and the digital transactions that require the scale of our cloud offerings and payment capabilities."
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.
Pareteum Investor Relations Contacts:
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SOURCE Pareteum Corporation