NEW YORK, Aug. 26, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), the rapidly growing cloud
communications platform company, today announced that it has
successfully concluded an Amendment to the Credit Agreement dated
February 26, 2019, with its senior
secured lender, Post Road Group.
The Amendment includes a drawdown of $2.5
million, which the company will use for general business
purposes. The active debt facility is available for further
drawdowns to be used for general business and growth
opportunities.
Pareteum Executive Chairman and CEO Hal
Turner commented: "We are pleased to conclude this
Amendment, which puts the company on a firm footing for our
ambitious growth strategies that will continue to be executed this
quarter and beyond. The additional flexibility afforded by this
Amendment ensures we are able to be as agile and responsive in our
corporate development activities as we are for our customers."
Pareteum Chief Operation Officer Denis
McCarthy explained: "We are very pleased to continue to work
closely with Post Road Group to help fund our continued
acceleration of customer deployments as well as fund our aggressive
expansion plans."
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, India, Indonesia, Germany, Belgium, United
Kingdom, Russia, and
the Netherlands. For more
information please visit: www.pareteum.com.
About Post Road Group:
Post Road Group is a private investment firm located in
Stamford, Connecticut. The firm
deploys three complementary strategies: Corporate Special
Opportunity Investing, Multi-family Ownership, and Real Estate
Finance. Since its founding in 2015, Post Road Group has completed
over $750 million of investments.
Post Road's Special Opportunity Fund I invests in middle-market
private debt and equity investments, with a focus on the
telecommunications, media and technology ("TMT"), business service,
and healthcare service industries. The firm provides companies with
flexible capital for strategic acquisitions, organic growth, and
other special situations. Post Road's Multi-family platform
acquires and operates well-located multi-family properties
nationwide, with a focus on attractive in-place cash flow and the
ability to create value through repositioning. The firm's Real
Estate Finance platform provides bridge, mezzanine and preferred
equity financing solutions to real estate operators nationwide
seeking fast and flexible capital.
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:
Michael Bloom
Investor Relations
+1 650 232 4341
michael.bloom@pareteum.com
Allise Furlani
The Blueshirt Group
allise@blueshirtgroup.com
Carrie Howes
Rayleigh Capital
European- Global IR
+1 650 232 4238
carrie.howes@pareteum.com
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SOURCE Pareteum Corporation