NEW YORK, April 4, 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 that new contracts closed during the second half of
March 2019 contributed in excess of
$80 million to the company's
expanding 36-month contractual revenue backlog (36MCRB).
Showcase contracts announced during the second half of March —
with a digital services provider based in the Middle East and Africa Region, and a digital
currency-based connectivity provider in the US — powered a record
$100 million month for Pareteum in
newly signed 36MCRB agreements.
Additional new contract wins from the second half of March
include:
- International customer loyalty connectivity services for one of
Europe's largest banks and its
Mobile Virtual Network Operator brand
- Cloud communications platform and connectivity services for a
new US Mobile Virtual Network Operator
- Cloud communications platform for a European carrier services
provider
- IoT and consumer connectivity services for a European smart
city hub
- Cloud communications platform and connectivity for a provider
of secure wallet and digital currency-based mobile services
Executive Chairman and Principal Executive Officer of Pareteum,
Hal Turner, commented, "We have
developed, built, and delivered software services for a wide range
of customers and we are rapidly moving into new markets and
territories with 'communications reimagined' services. This record
performance, our very first $100
million new 36MCRB sales month, reflects the strong value
customers derive as they continue to buy our services. All Pareteum
TEUMATES have had a hand in the performance and I congratulate each
of our colleagues."
Pareteum's Chief Revenue Officer, Rob
Mumby, added, "We continue to win great new customers while
positioning ourselves to become increasingly strategic to existing
customers with our highly flexible cloud communications
services."
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