Pareteum Announces Agreement to Provide Mobile Network Services to Vodafone Enabler Espana S.L.
NEW YORK, April 9, 2020 /PRNewswire/ -- Pareteum Corporation (Nasdaq: TEUM), a cloud communications platform company, announced today that on March 26th, 2020, its European operating subsidiary entered into a procurement agreement (the "Agreement") with Vodafone Enabler Espana, S.L. ("Vodafone") pursuant to which Pareteum Europe will provide Vodafone with mobile network services. The Agreement is a new contract for existing and future services valid until 26th of March 2022 with automatic one-year extensions unless terminated earlier. The Agreement is expected to result in payments to Pareteum based on the numbers of subscribers per month.
"We are thrilled to expand our partnership with Vodafone and deliver our Mobile Virtual Network platform to a world leading telecom and technology service provider," said Bart Weijermars, Interim Chief Executive Officer of Pareteum. "This is another great example of how Pareteum enables brands to deliver connectivity services under one platform on a global basis, and we look forward to continuing our relationship with Vodafone."
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 to bring secure, ubiquitous, scalable, and seamlessly available voice, video, SMS/text messaging, data, media, and content enablement to our customers. In so doing, we are able to make 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. For more information please visit: www.pareteum.com.
About Vodafone Group
Vodafone Group is one of the world's leading telecoms and technology service providers. We have extensive experience in connectivity, convergence and the Internet of Things, as well as championing mobile financial services and digital transformation in emerging markets.
Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 42 more, and fixed broadband operations in 19 markets. As of 31 December 2019, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million TV customers, including all of the customers in Vodafone's joint ventures and associates. For more information, please visit: www.vodafone.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.
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Pareteum Investor Relations Contacts:
Investor Relations +1 (646) 975-0400
investor.relations@pareteum.com
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