NEW YORK, May 4, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, disclosed today the deployment of the $1,000,000 3-year Global Cloud Agreement with a Rural U.S. Wireless Internet Service Provider. The sales contract award was first announced on April 12, 2018.
This live, in service, revenue producing customer uses Pareteum's Global Cloud Services Platform (GCSP) to manage and connect reliable and secure mobile and broadband services for this previously underserviced rural market. Revenue generation from ongoing monthly fees for subscribers and usage-related fees for the connections, including wireless airtime, will begin recognition during in the second quarter of 2018.
"Pareteum's streamlining of efficient cloud deployments remains one of the pillars of 2018, as we rapidly convert executed contracts to live deployments. This marks another great win for the Pareteum books. We are pleased with this demonstration of our platform capabilities, as our Mobility Cloud Platform continues to distinguish itself with our speed to market deployment, our wide reach, and dynamic functionality," said Vic Bozzo, CEO.
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, "Pareteum continues to disrupt a traditionally long implementation cycle for global mobile with minimal investment from our customer's side. The accelerating momentum and pace at which Pareteum continues onboarding customers and channeling partners exemplifies the efficiency of our platform's capacities. We believe our speed of service deployment will keep attracting new subscribers while driving incremental recurring revenue for Pareteum. This is a great example of open mobility and open software services becoming available, virtually on demand!"
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.
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SOURCE Pareteum Corporation