NEW YORK, Jan. 24, 2018 /PRNewswire/ — Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced that it has been awarded a new contract from an established Brazil based Mobile Virtual Network Operator to expand its worldwide reach. Once the service is launched, Pareteum will receive a platform support fee for each subscriber plus fees for monthly platform services. The contract is scheduled to add $1,000,000 to Pareteum’s revenue backlog over a 36 month period, with contract deployment expected in the second quarter of 2018.
Currently, the customer sells hundreds of thousands of mobile cards per year that are required to be inserted into a subscribers existing phone. Once enabled by Pareteum’s Global Cloud Solution, this experienced communications services provider will extend its Mobile Virtual Network Operations (MVNO) by providing Communications Platform as a Service (CPaaS) in conjunction with worldwide mobile airtime connectivity.
Pareteum’s newest customer will be enabled to sell cross border global mobile cards, holistically managed via one solitary interface through the Pareteum platform. Servicing the global South American traveler, this MVNO will be powered to focus on their customer acquisition initiatives and launch new distribution centers around the world. End users will be able to acquire the cross border global mobile cards from airport based retail stores within Brazil and other South American countries, as well as the United States. The Pareteum platform will empower expanded connectivity direct to the phone, without the need to insert an additional card for cross border global connectivity.
“We are pleased to be chosen to help transform this well-known South American telecommunications provider and help them access and control new markets for their customers around the world. Once fully ramped they will be servicing thousands of recurring subscribers per month on Pareteum’s Global Cloud Platform,” commented Pareteum CEO, Vic Bozzo.
Hal Turner, Executive Chairman and Principal Executive Officer at Pareteum stated, “TEUM’s newest Brazilian agreement is strong evidence of the opportunities in Latin America (LATAM), and Brazil in particular. Pareteum’s cost reducing and revenue expanding Global Cloud Platform and worldwide mobile network together deliver ease of use, fast and smooth service establishment, and assurance for our customer, enabling them to focus on sales, marketing and adding subscriber connections.”
The global MVNO market is expected to reach $73.2 billion by 2020, according to Grand View Research.
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.
Pareteum Investor Relations Contacts:
Chief Financial Officer
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SOURCE Pareteum Corporation