Pareteum Provides Business Update
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.
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SOURCE Pareteum Corporation