NEW YORK, Feb. 12, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, today announced the issuance of a shareholder update letter from its Executive Chairman and Principal Executive Officer, Hal Turner.
Dear Fellow Shareholder,
The TEUM of Pareteum Corporation continues to be hard at work, globally. We have had a fast start to 2018 with excellent results in January through the collective group initiatives of:
- Rob Mumby + his key sales executives and sales support TEUM;
- Ali Davachi + his key operations, technical support and service delivery TEUM;
- Denis McCarthy + his key corporate development TEUM;
- Ted O'Donnell + his accounting and finance TEUM
- And, as always, Vic Bozzo and his indomitable leadership, especially in the sales arena, to make things happen;
I am happy to report that our executive team, with its key leadership management team, is continuing to produce results. We have a very big and bright 2018 planned. So far this year, in January alone, our TEUM signed $20.4 million of new contracts, spanning the globe, from Brazil to Africa to Europe. $15.2 million was additive to our now record high $162 million 36-month contractual revenue backlog, as two of the awarded contracts are 5-year agreements. I am extremely proud of our TEUM's accomplishments as we have accelerated the growth of our backlog from $60 million at June 30, 2017 to $162 million as of January 31, 2018. We expect the pace to accelerate during the year and that our reported results will reflect the hard work that has gone into the turnaround of our company.
We have also experienced financial improvements during January. Our balance sheet reflects materially significant positive changes, notably, with our cash balance standing at $15.6 million on January 31, 2018. This was made possible by:
- Our improved business operations resulting in nearing zero operating cash burn;
- Our NYSE American: TEUM price per share increased, which in turn, prompted voluntary exercising of warrants and cash into the company;
- We fully paid our senior secured loan, eliminating secured debt from our balance sheet and its corresponding interest and principle payments;
We are proud to be debt-free with substantial cash to operate and grow our business. We are putting these dollars to work throughout 2018 (and beyond) in a manner that we believe will yield the maximum shareholder value to TEUM through:
- Profitable Sales growth
- Product and services development, with a detailed build or buy analysis applied
Pareteum continues to win new long-term contractual business at an unprecedented pace, as evidenced by our 36-month contractual revenue backlog. We expect this pace to increase throughout the year. Yet, TEUM is never satisfied. We see many new opportunities that include our support of Blockchain technology, which is at the heart of our identity management and payment systems plans. You may register and obtain a complimentary copy of our just released Blockchain-Whitepaper; you may also be interested in recently published articles at Pareteum.com/news commenting on Pareteum and how we use Blockchain to enable secure and trusted payments. We are planning additional whitepapers throughout the year to support newly acquired product capabilities and developments. Please register here at Pareteum.com/news to receive notifications (See "Keep in Touch with Us" at the bottom of the page).
Be assured that we are out there every day competing for business and that our pace and intensity will magnify. Upcoming we have the Mobile World Congress in Barcelona, with a full slate of meeting and product demonstrations scheduled. Our focus is on selling new communications service providers and IoT opportunities as the world of connected devices and people continues to rise on a daily basis. It is this "world" I refer to that desperately needs our application solutions and global connectivity reach, to return trust to transactions, of all kinds.
Pareteum is executing improved capital market initiatives in 2018. We are embarking on multi-city non-deal roadshows throughout the year in Europe and the United States. We have just completed a UK and European non-deal roadshow, with excellent participation and reception of the Pareteum story. A mandate for Pareteum in 2018 is to target high quality long-term focused institutional shareholders and high quality research coverage. You may review a copy of our Pareteum Overview here. Please note the new key performance indicators that we have now begun to report on. If you attend one of our investor and management meetings, we will gladly comment on the significance of these KPI's and why we track them so diligently.
Pareteum is a mission focused company. We intend to be capable of empowering every person and everything to be globally connected – any device, any network, anywhere. Our Cloud Communications Platform targets large and growing sectors in Mobile Virtual Network Operators (MVNO), retail, enterprise and Internet of Things (IoT) customers. At the end of the day, our continued success is based upon the combination of:
- the market (is it large, growing, and can we capture a material share of that market vs. competition?)
- our products and services (are we addressing needs and opportunities that solve problems and create great economics for all?)
- our TEUM (do we have the right people in the best jobs and are we operating efficiently?)
My answers are affirmative … I hope to meet you in the coming days, weeks, and months, to share our perspectives on these critical items. We look forward to continued success in 2018.
All good wishes to you our shareholders,
Robert H. Turner
Executive Chairman & Principal Executive Officer
Pareteum Corporation (NYSE American: TEUM)
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.
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
[email protected]
Hayden IR
(917) 658-7878
SOURCE Pareteum Corporation
Share this article