NEW YORK, July 14, 2017 /PRNewswire/ -- Pareteum
Corporation (NYSE MKT: TEUM) ("Pareteum" or the "Company"),
a leading communications technology provider to global Mobile,
MVNO, Enterprise and IoT markets, today announced that the NYSE MKT
LLC has granted the Company an extension for compliance with its
listing requirements through November 27,
2017.
On July 13, 2017, Pareteum
Corporation (the "Company") received a notice from the NYSE MKT LLC
(the "Exchange") indicating that the Company is not currently in
compliance with the Exchange's continued listing standards as set
forth in Section 1003(a)(i), Section 1003(a)(ii), Section
1003(a)(iii), and Section 1003(a)(iv) of the NYSE MKT Company Guide
(the "Company Guide"). The Company is now in compliance with
Section 1003(f)(v). The Exchange has reviewed the Company's most
recent updates and determined to extend the plan period for the
Company to regain compliance with Section 1003(a)(iv) through
November 27, 2017. The compliance
date for Section 1003(a)(i), Section 1003(a)(ii), and Section
1003(a)(iii) remain November 27,
2017, as we previously stated in the exchange's notice dated
January 5, 2017.
"We are pleased to receive the NYSE MKT's extension through
November 27, 2017. Having completed
our restructuring in 2016, Pareteum is proving its value and
potential in the market through our $60
million contracted backlog, which we expect will convert
into growing quarterly revenues. Combined with our cost cutting
measures, we are positioned to meet our listing requirement
obligations," stated Hal Turner,
Executive Chairman of Pareteum.
About Pareteum Corporation:
Pareteum Corporation and
its subsidiaries provide a complete mobility cloud platform,
utilizing messaging and security capabilities for the global
Mobile, MVNO, Enterprise, Software-as-a-Service and IoT markets.
The Company's software solutions allow any organization to harness
the power of a wirelessly connected world by delivering seamless
connectivity and subscriber management capabilities that provide
end-to-end control of millions of connected devices. Mobile Network
Operator (MNO) customers include Vodafone, the world's second
largest mobile operator by customer count, Zain, one of the largest
mobile operators in the Middle
East, as well as MVNO customers such as Lebara and Lowi. 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.
Pareteum Investor Relations Contact:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
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SOURCE Pareteum Corporation