NEW YORK, May 16, 2017 /PRNewswire/ -- Pareteum
Corporation (NYSE MKT: TEUM), ("Pareteum" or the
"Company"), a leading international provider of mobile
networking software and services to the Mobile Network and Internet
of Things markets, today announced that it has been selected by a
leading financial services and marketing company under a seven-year
services agreement.
Under terms of the new Software-as-a-Service agreement, our
customer plans to host a number of communications service providers
and enterprise business customers that will enable companies to
provide mobile wireless services creating new brands and
applications. These Mobile Virtual Network Operators (MVNOs) also
plan to offer Internet of Things (IoT) services on Pareteum's
Managed Services platform as a complete turnkey mobile service to
its retail end users including consumers, Enterprises and other
third parties. The new agreement includes paid in advance service
establishment fees and guaranteed recurring monthly service
revenues with a minimum total contract value of approximately
$2 million. Our customer-supplied
business forecasts project a minimum of 3 million subscribers and
supported connected devices within a three-year period and
generating revenue in the 8-figures range. The new Managed Services
platform will be locally hosted and connected to the largest
wireless network in the country and includes Pareteum's ability to
extend its Global Mobility Cloud Platform to the LatAm region. The
initial on-boarding of subscribers is expected to commence in the
fourth quarter of 2017.
"Brazil represents a major
market opportunity for Pareteum. With the execution of this new
agreement we have a well-positioned and established market partner
which is poised to leverage its existing digital payments business
in support of new brands and service applications throughout
Brazil and LatAm. Pareteum has
established a number of relationships in Brazil and now with this agreement completed,
we will deploy our Managed Services platform and provide services
with our new partner extending to our wide array of relationships.
Our client expects to grow by entering the mobile communications
and IoT markets, fully engaging the growing number of partners and
potential customers we have already cultivated in Brazil. We look forward to serving the needs
of our latest client and to quickly scaling-up the number of
subscribers and devices on our newest platform," said Hal Turner, Executive Chairman of Pareteum.
Vic Bozzo, Chief Executive
Officer of Pareteum, added, "With our latest international
deployment, we are significantly expanding our global footprint.
There is no doubt that the Brazilian market is large and brings
with it many unique opportunities. In collaboration with
established new customers combined with our existing partner
network, we see an opportunity to add several million devices to
our platform within the next three years driving meaningful revenue
growth."
About Pareteum Corporation
Pareteum Corporation and
its subsidiaries provide a complete mobility cloud platform,
utilizing messaging and security capabilities for the global
Mobile, MVNO, Enterprise, Software-as-a-Service and IoT markets.
The Company's software solutions allow any organization to harness
the power of a wirelessly connected world by delivering seamless
connectivity and subscriber management capabilities that provides
end-to-end control of millions of connected devices. Mobile Network
Operator (MNO) customers include Vodafone, the world's second
largest mobile operator by customer count, Zain, one of the largest
mobile operators in the Middle
East, as well as MVNO customers such as Lebara and Lowi. 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.
Shareholder Contact:
Steve Gersten
(813)
926-8920
InvestorRelations@Pareteum.com
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SOURCE Pareteum Corporation