Pareteum Europe Awarded Guaranteed €8.7 Million Euro Contract For Managed Service Platform Over 5 Years
AMSTERDAM, Jan. 26, 2018 /PRNewswire/ -- ET Europe Holding B.V. doing business as 'Pareteum Europe' a wholly-owned subsidiary of Pareteum Corporation (NYSE American: TEUM), ("Pareteum Europe"), today announced that it has signed a €8.7 million Euro, 5-year MVNE (Mobile Virtual Network Enabler) agreement with a new EMEA customer.
A large base of existing subscribers will be moved on to the platform initially and all new mobile subscribers will be added going forward. The agreement can be extended beyond the initial 5 year term and includes significant up-front service establishment fees and guaranteed minimum subscriber connection volumes over the life of the contract.
"This deployment is a significant milestone in increasing our subscriber and connection base and provides a guaranteed revenue stream" said Chris Hills, Pareteum Europe's VP of Worldwide Connectivity.
"We are delighted to increase our platform and global business footprint with this important new customer agreement" stated Alexander Korff, Pareteum's UK-based Company Secretary, "and we expect more opportunities to flow from this relationship, particularly in the wider Central Asian and Caucasus regions".
About Pareteum Europe
Pareteum Europe is a trading name of ET Europe Holding B.V. and a foreign subsidiary of Pareteum Corporation. The aim of Pareteum 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.
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