NEW YORK, Feb. 12, 2018 /PRNewswire/ -- Pareteum
Corporation (NYSE American: TEUM), ("Pareteum" or the
"Company"), the rapidly growing Cloud Communications Platform
company, today announced the issuance of a shareholder update
letter from its Executive Chairman and Principal Executive Officer,
Hal Turner.
Dear Fellow Shareholder,
The TEUM of Pareteum Corporation continues to be hard at work,
globally. We have had a fast start to 2018 with excellent results
in January through the collective group initiatives of:
- Rob Mumby + his key sales
executives and sales support TEUM;
- Ali Davachi + his key
operations, technical support and service delivery TEUM;
- Denis McCarthy + his key
corporate development TEUM;
- Ted O'Donnell + his accounting
and finance TEUM
- And, as always, Vic Bozzo and
his indomitable leadership, especially in the sales arena, to
make things happen;
I am happy to report that our executive team, with its key
leadership management team, is continuing to produce results. We
have a very big and bright 2018 planned. So far this year, in
January alone, our TEUM signed $20.4
million of new contracts, spanning the globe, from
Brazil to Africa to Europe. $15.2
million was additive to our now record high $162 million 36-month contractual revenue
backlog, as two of the awarded contracts are 5-year agreements. I
am extremely proud of our TEUM's accomplishments as we have
accelerated the growth of our backlog from $60 million at June 30,
2017 to $162 million as of
January 31, 2018. We expect the pace
to accelerate during the year and that our reported results will
reflect the hard work that has gone into the turnaround of our
company.
We have also experienced financial improvements during January.
Our balance sheet reflects materially significant positive changes,
notably, with our cash balance standing at $15.6 million on January
31, 2018. This was made possible by:
- Our improved business operations resulting in nearing zero
operating cash burn;
- Our NYSE American: TEUM price per share
increased, which in turn, prompted voluntary exercising of warrants
and cash into the company;
- We fully paid our senior secured loan, eliminating secured debt
from our balance sheet and its corresponding interest and principle
payments;
We are proud to be debt-free with substantial cash to operate
and grow our business. We are putting these dollars to work
throughout 2018 (and beyond) in a manner that we believe will yield
the maximum shareholder value to TEUM through:
- Profitable Sales growth
- Product and services development, with a detailed build or buy
analysis applied
Pareteum continues to win new long-term contractual business at
an unprecedented pace, as evidenced by our 36-month contractual
revenue backlog. We expect this pace to increase throughout the
year. Yet, TEUM is never satisfied. We see many new opportunities
that include our support of Blockchain technology, which is at
the heart of our identity management and payment systems plans. You
may register and obtain a complimentary copy of our just released
Blockchain-Whitepaper; you may also be interested in
recently published articles at Pareteum.com/news
commenting on Pareteum and how we use Blockchain to enable secure
and trusted payments. We are planning additional whitepapers
throughout the year to support newly acquired product capabilities
and developments. Please register here at Pareteum.com/news to
receive notifications (See "Keep in Touch with Us" at the bottom of
the page).
Be assured that we are out there every day competing for
business and that our pace and intensity will magnify. Upcoming we
have the Mobile World Congress in Barcelona, with a full slate of meeting and
product demonstrations scheduled. Our focus is on selling new
communications service providers and IoT opportunities as the world
of connected devices and people continues to rise on a daily basis.
It is this "world" I refer to that desperately needs our
application solutions and global connectivity reach, to return
trust to transactions, of all kinds.
Pareteum is executing improved capital market initiatives in
2018. We are embarking on multi-city non-deal roadshows throughout
the year in Europe and
the United States. We have just
completed a UK and European non-deal roadshow, with excellent
participation and reception of the Pareteum story. A mandate
for Pareteum in 2018 is to target high quality long-term focused
institutional shareholders and high quality research coverage. You
may review a copy of our Pareteum Overview here. Please note the
new key performance indicators that we have now begun to report on.
If you attend one of our investor and management meetings, we will
gladly comment on the significance of these KPI's and why we track
them so diligently.
Pareteum is a mission focused company. We intend to be capable
of empowering every person and everything to be globally connected
– any device, any network, anywhere. Our Cloud Communications
Platform targets large and growing sectors in Mobile Virtual
Network Operators (MVNO), retail, enterprise and Internet of Things
(IoT) customers. At the end of the day, our continued success is
based upon the combination of:
- the market (is it large, growing, and can we capture a material
share of that market vs. competition?)
- our products and services (are we addressing needs and
opportunities that solve problems and create great economics for
all?)
- our TEUM (do we have the right people in the best jobs and are
we operating efficiently?)
My answers are affirmative … I hope to meet you in the coming
days, weeks, and months, to share our perspectives on these
critical items. We look forward to continued success in 2018.
All good wishes to you our shareholders,
Robert H. Turner
Executive Chairman & Principal Executive Officer
Pareteum Corporation (NYSE American: TEUM)
About Pareteum Corporation
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, Sonus, 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 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
recurring revenue. There can be no assurances that we reach the
total revenue backlog. The revenue backlog assumes timing of
revenue recognition that may vary from actual results.
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
Hayden IR
(917) 658-7878
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SOURCE Pareteum Corporation