Category: High Tech
- Published: 26 September 2017
- Written by Editor
Pareteum Enters Eastern European Market with Mobile Virtual Network Enabler Agreement Adding $24,000,000 to Revenue Backlog
- Over 2 million subscribers scheduled for retail mobile services and IoT smart cities
- On-boarding of subscribers to commence in Q2 2018
NEW YORK, NY / September 26, 2017 / Pareteum Corporation (NYSE American: TEUM), (''Pareteum'' or the ''Company''), the rapidly growing mobile Cloud Communications Platform company, today announced that it has signed a 5-year agreement with a leading Eastern European telecommunications company with broad holdings in the telecommunications, broadcasting, real estate and industrial markets, to provide the Pareteum Managed Services Platform.
Pareteum's Managed Services Platform will enable this Eastern European telco to provide wireless services to existing and new Mobile Virtual Network Operators (MVNOs) in its geographic market, serving the needs of consumer mobile, enterprises and Internet of Things (IoT) devices to enable the move to a wirelessly connected smart city in the region. The initial on-boarding of subscribers is expected to commence at the beginning of second quarter 2018.
''With this, our latest international contract, we are significantly expanding our global footprint and our subscriber opportunity with more than 2,000,000 subscribers. While the first three years of the contract are scheduled to generate approximately $24,000,000 in revenues for Pareteum, we anticipate the five year value of the contract to more than double this amount, as customer enrollment accelerates, adding more monthly recurring revenues. Moreover, in this agreement, we are participating both in our traditional revenue through our Managed Services Platform, and also sharing in network services revenue,'' stated Vic Bozzo, Chief Executive Officer of Pareteum.
''Eastern Europe is accelerating its transition to digital communications applications and services for consumers and enterprises. This newly signed agreement reflects our opportunity to partner with well established, experienced groups that have strong regional market access. Pareteum's Managed Services, Global Mobility Cloud Services, and Application Exchange and Developer's Platform fills the immediate market need. These new economies in Eastern Europe parallel projects we are seeing in other parts of the world including large investments in wireless infrastructure, IoT for smart cities, and more data applications for consumer services. This new mobile connectivity drives access to information, communication in all forms, and entertainment in our lives, anytime and anywhere,'' said Hal Turner, Executive Chairman of Pareteum. ''We have a long track record of operating success with similar agreements in Spain, where we provide a range of critical and highly demanded retail wireless services. We have also executed a similar agreement for Brazil, a market we recently entered through a new contract signed in May.''
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. 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.
Pareteum Investor Relations Contact:
Ted O'Donnell Chief Financial Officer (212) 984-1096
SOURCE: Pareteum Corporation