NEW YORK, March 23, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, announced today that an established Mobile Virtual Network Operator (MVNO) who, in September 2017, selected Pareteum's Global Mobility Cloud Platform and connectivity to provide service for their retail customers' mobile phones, phone cards, and internet service, purchased through hundreds of internet kiosks in airports, railway stations and shopping malls around the world, has added $1.5 Million to their contract with Pareteum.
The customer, who has been selling services to hundreds of thousands of travelers per year for the last 20 years throughout the USA, Europe, and South America, is now enabled by Pareteum to truly take control of its own customers' experience, expand its reach, focus on customer acquisition, and launch new distribution centers. Through any one connection point, the tourism retailer can now expand its customers' connectivity worldwide, enabling its customers to continue to subscribe and use their travel phone globally long after their initial trip has concluded. As they enter these additional countries and markets the platform will now immediately begin servicing these additional customers.
"We are very pleased to have been chosen to work with this established veteran of the mobile consumer retail business with a presence in transportation hubs around the world where many subscribers originate," said Vic Bozzo, CEO. "When fully ramped, we expect this new customer to be servicing hundreds of thousands of recurring subscribers a month, representing $1,500,000 in addition to the previously announced revenue for our growing backlog over the 5-year duration of the contract."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, "The first critical decision comes with customers executing the agreement and making their buying decision. Customers buying "more", because we have delivered on the "promises made", and, they have experienced the value creation, is the biggest evidence of a successful customer engagement. We expect many more of these success stories to be shared throughout the coming months as we increase our speed to market, introduce new technologies and capture new business. We will continually expand our services roadmap and the services offered to meet customer needs. Enhanced quality of those offerings and attracting new customers to Pareteum are the by-product of a great customer engagement and their feedback, all delivered via our Global Cloud Services Platform.
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, 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.
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