NEW YORK, June 28, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, announced today that, during the second quarter of 2018, the Company signed contracts scheduled to add over $55 Million to its 36-month contractual revenue backlog. The current contractual revenue backlog represents a 74% increase over the 2017 year ending balance of $147 Million, and, a 27.5% increase during the second quarter alone. Pareteum will complete the first half year of 2018 with $255 Million amassed in its 36 Month Contractual Revenue Backlog (36MCRB).
Customers have awarded Pareteum the following agreements during 2018's second quarter:
$3,100,000; Global Cloud Service Provider; Connectivity, E-commerce; Full service virtual multi use mobile provider for Consumer Mobile Brands, Mobile Banking, E-Commerce, and Social Media and On-Line Gaming Integration.
$1,000,000; Rural Wireless Internet Service Provider; GCSP, Connectivity, WiFi; Untethering their customers from the cable company.
$10,000,000; MVNO and IoT Service Provider; GCSP; Connectivity; E-commerce; Multi-use for Indian Nationals taking their brand to anywhere in the world.
$2,500,000; Full Service Virtual Mobile Provider; GCSP; Connectivity; E-commerce; Offering diverse connectivity options in rural areas with low coverage.
$6,000,000; Full Service Virtual Mobile Provider; GCSP; Connectivity; E-commerce; Multi-use for customers taking their brand to anywhere in the world.
$1,000,000; Global Cloud Service Platform; MSP; Connectivity; WiFi; Global Traveler Tracker: CSP Productivity Efficiency "ware".
$4,000,000; Full Service Virtual Mobile Provider; GCSP; Connectivity; E-commerce; Internet of Things service provider in the manufacturing, banking and construction sectors.
$5,000,000; MVNO and IoT Service Provider; GCSP; Connectivity; E-commerce; Internet of Things service provider in the manufacturing, banking and construction sectors.
$2,000,000; Rural Wireless Internet Service Provider; GCSP; Connectivity; WiFi Adding WiFi connectivity options in rural areas with low coverage.
$3,000,000; Global Cloud Service Platform; GCSP; Connectivity; Internet of Things services in the security industry.
$8,000,000; National Mobile Virtual Network Enabler; GCSP; Connectivity; WiFi Speed to market for instant mobile plans for customers.
$6,000,000; Global Cloud Service Platform; GCSP; Connectivity; WiFi Speed to market for instant mobile plans for customers.
$3,500,000; Global Cloud Service Platform; GCSP; Connectivity; WiFi Speed to market for instant mobile plans for customers.
Hal Turner, Pareteum's Principal Executive Officer commented, "Thirteen new customers joined the Pareteum movement in the 13 weeks of 2018's second quarter. Customers choose Pareteum for a variety of reasons including quality of our software and applications, coupled with the precision of our services delivery and support. Relentless forward motion with new and existing clients, expanding their service agreements, continues to fuel our TEUM and its commitment to provide trusted reliable services, globally."
About Pareteum: 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), NetNumber, 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, a Non-GAAP measure 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 contractual revenue. There can be no assurances that we reach the total contract revenue backlog. Timing of revenue recognition may vary from actual results.