NEW YORK, April 2, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a rapidly growing global cloud
software communications platform company with a mission to
connect every person and every(thing)™, today announced a
new sales transaction worth in excess of $22
million over 36 months.
The new contract will see the Pareteum solution enabling rapid
global expansion for an innovative digital currency-based
connectivity solution for consumers.
Pareteum's new customer is building a global blockchain-based
Wi-Fi sharing community. Members can mine tokens by sharing their
Wi-Fi, whether residential or within commercial locations, and use
those tokens for Wi-Fi connectivity at other locations within the
network.
Access to Pareteum's global smart Wi-Fi network has been
embedded in the mobile app provided by Pareteum's new customer to
its users, allowing them to redeem tokens for seamless connectivity
at numerous high-demand public locations in the transport, leisure,
hospitality, and retail sectors across the world.
End users will also be able to access Pareteum's extensive
global in-flight footprint.
Pareteum is unique in being able to offer a single, global Wi-Fi
network, delivering immediate scale without the need for customers
to negotiate and provision numerous individual network agreements,
which can significantly delay time to market.
The customer launched Pareteum-enabled services on April 1st, 2019 as part of a 36-month
contract.
Rob Mumby, Chief Revenue Officer
for Pareteum, said, "The use of blockchain technology to transform
Wi-Fi into a new currency for a global community is a perfect fit
with our company vision of communications re-imagined, and we are
ecstatic to power rapid global expansion to this new model. Our
cloud solution delivers full spectrum communication services from a
single source, and we look forward to being a great strategic
partner to our new customer."
Pareteum's cloud platform delivers a complete, API-driven
solution for Enterprises, Communications Services Providers, and
the IoT market through developers and their applications. It
combines connectivity, including mobile service management (prepaid
and postpaid services) with smart-managed, global Wi-Fi and
cellular access, including full operational support, as a
service.
Christine Braelow, Pareteum's
Vice President, Global Sales, for Enterprise and Brand commented,
"Pareteum's global cloud solution offers tremendous flexibility and
it is hugely exciting to see the many ways our customers use it to
drive value and market disruption. We are delighted to be working
with such a dynamic new customer."
About Pareteum Corporation:
Millions of people and devices are connected around the world using
Pareteum's Global Cloud Communications Platform, enhancing their
mobile experience. Pareteum unleashes the power of applications and
mobile services, bringing secure, ubiquitous, scalable, and
seamlessly available voice, video, SMS/text messaging, and data,
media and content enablement to our customers, making worldwide
communications services easily and economically accessible to
everyone. By harnessing the value of our cloud communications
platform, Pareteum serves enterprises, communications service
providers, early stage innovators, developers, IoT, and
telecommunications infrastructure providers. Pareteum envisions a
new mobile communications experience imagining what will be, and
delivering now. Pareteum currently has offices in North America, South
America, Spain,
Bahrain, Singapore, Indonesia, Germany, Belgium, United
Kingdom, Russia, and
the Netherlands. For more
information please visit: www.pareteum.com.
36-Month Contractual Revenue Backlog Definition:
36-Month Contractual Revenue Backlog (36MCRB), is a Non-GAAP
financial measure. It is measured on a forward-looking 36-month
snapshot view, monthly, and is generated by the Company's
Communications Services Providers, Enterprises, and IoT customers
who use communication as a service platform products and services
from the company's portfolio. 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 (connections), in some
cases including subscriber (connections) usage, during the term of
the agreement, and, their resulting monthly recurring contractual
revenue. There can be no assurances that we reach the total
contract revenue backlog. Timing of revenue recognition may vary
from actual results.
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.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
+1 212 984 1096
InvestorRelations@pareteum.com
Laura W. Thomas
Investor Relations
+1 703 930 4282
Carrie Howes
Rayleigh Capital
European- Global IR
+1 416 837 0075
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SOURCE Pareteum Corporation