NEW YORK, Nov. 12, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM) today announced that it has
achieved several recent positive milestones including signing and
deploying new customers to the Pareteum Experience
CloudTM and strengthening the management team and Board
of Directors. Separately, the Company announced that it will
delay the release of its financial results for the fiscal quarter
ended September 30, 2019, due to the
previously announced financial restatement.
"We are very pleased with the continued strong momentum visible
in the business as we partner with leading communications providers
globally to drive revenue and customer engagement. We have
simultaneously made important moves to strengthen our management
team and Board of Directors and improve financial controls within
the company," said Hal Turner,
Founder, Chairman, Chief Executive Officer of Pareteum. "We have
achieved significant growth in the past several years and believe
the processes we are implementing will significantly improve
Pareteum's oversight, control functions and corporate governance.
We also believe these measures will enhance the company's
day-to-day operations, creating a stronger company and positioning
Pareteum to deliver value for shareholders over the long-term. In
summary, we are focused, we are executing into a very large market
opportunity, and we are committed to upholding the highest
standards throughout our business and operations."
Recent business highlights and milestones:
- The Company announced that Legos, a French communications
service enabler, deployed the Pareteum Experience Cloud to power
international expansion of its services. Legos will utilize the
Pareteum platform to enable the launch of new brands serving the
IoT, enterprise and consumer fixed and mobile markets outside of
France.
- Pareteum announced that Linktel, a Brazilian communications
service provider, will deploy the Pareteum Experience Cloud for
global consumer mobility services. End users will now benefit from
access to the global Wi-Fi footprint of the Pareteum Experience
Cloud, including in-flight connectivity on more than 40 commercial
airlines, extending the reach of their branded services.
- Mary Beth Vitale was appointed
to the Company's Board of Directors. Ms. Vitale brings a wealth of
experience as an independent board member to public and private
companies in various stages of growth and global expansion, having
chaired the Audit, Risk and Technology, Compensation, and
Nominating and Governance Committees for boards of directors as
well as being lead director.
- Pareteum appointed Laura W.
Thomas as Interim Chief Financial Officer. Ms. Thomas brings
over 30 years of experience in the telecommunications industry,
including assisting large and small organizations through
significant operational challenges and upholding corporate
governance and transparency among stakeholders.
- Pareteum received the Fast Start (fastest growing APEX) Partner
Award at the 2019 AT&T APEX Fusion Awards, a recognition of the
speed at which Pareteum has achieved Platinum status as a high
growth company using the AT&T network.
- The Company retained Heidrick & Struggles, a premier
provider of executive search and leadership advisory services, to
identify additional, seasoned board of director candidates and
executives to complement existing talent and enhance both the board
and executive leadership.
The Company also announced that it will not file its Quarterly
Report on Form 10-Q for the third quarter ended September 30,
2019 by the November 12, 2019 due date. The delay is due
to the previously announced restatement of financial
statements. The Company continues to work diligently to
complete its restatement and intends to make its upcoming 2019
quarterly filings as soon as reasonably practical. The Company will
not be in a position to file its Form 10-Q until the restatement is
complete.
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.
Forward Looking Statements:
Certain statements
contained herein constitute "forward-looking statements" as defined
by 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.
These risks include, among other things (1) the ability to complete
Pareteum's restatement of its previously issued
consolidated financial statements as of and for the full
year ended December 31, 2018, and interim periods
ended March 31, 2019 and June 30, 2019 and
address any material weaknesses, the timing of the completion of
necessary restatements, interim reviews and audits by the Company's
independent registered public accounting firm, (2) risks relating
to the substantial costs and diversion of personnel's attention and
resources deployed to address the restatement of the affected
financial statements and internal control matters, (3) the
risk of litigation or regulatory action arising from the
restatement of the affected financial statements, (4) the timing of
the review by, and the conclusions of, the Company's independent
auditor regarding the restatement, (5) the ability of the Company
to remediate any material weaknesses in internal control over
financial reporting, (6) potential reputational damage that the
Company may suffer as a result of the restatement of the affected
financial statements, (7) the impact of the restatement of the
affected financial statements on the value of the Company's common
stock, and (8) the risk that the filing of the restatement of the
affected financial statements will take longer than anticipated.
Given these risks and 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.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Carrie Howes
Investor Relations
+1 650 232 4238
carrie.howes@pareteum.com
Investor.relations@pareteum.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pareteum-provides-business-update-300956142.html
SOURCE Pareteum Corporation