NEW YORK, June 9, 2020 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), (the "Company"), a global cloud
communications platform company, today announced that the Company
closed the issuance of $17.5 million
in Senior Secured Convertible Notes, with warrants, to an
institutional investor. The net proceeds to the Company will be
$14 million. The net proceeds from
the financing will be used for working capital, general corporate
purposes, growth initiatives and new product development.
"This financing strengthens Pareteum's balance sheet, provides
working capital, and allows us to reinvest in growing the
business," said Bart Weijermars, Interim Chief Executive Officer of
Pareteum. "Our team is focused on delivering exceptional customer
experiences during this challenging market environment. Our
software platform benefits new and existing customers by enabling
them to meet their growing competitive requirements for global
connectivity and collaboration. We now have the ability to
invest further in our proprietary technology, which will well
position the Company to capitalize in this disruptive and growing
global marketplace."
More information regarding the financing may be found on Form
8-K dated June 8, 2020 on file with
the Securities and Exchange Commission.
About Pareteum Corporation
Pareteum is an experienced provider of Communications Platform
as a Service solutions. Pareteum empowers enterprises,
communications service providers, early stage innovators,
developers, IoT, and telecommunications infrastructure providers
with the freedom and control to create, deliver and scale
innovative communications experiences. The Pareteum
platform connects people and devices around the world using
the secure, ubiquitous, and highly scalable solution to deliver
data, voice, video, SMS/text messaging, media, and content
enablement. For more information please visit:
www.pareteum.com.
Forward Looking Statements
Certain statements contained in this press release 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 the Company's plans and
objectives, projections, expectations and intentions. These
forward-looking statements are based on current expectations,
estimates and projections about the Company'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.
We discuss many of these risks, uncertainties and assumptions in
Item 1A under the heading "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31,
2018, as updated by our other filings with the SEC.
Because such statements involve risks and uncertainties, the actual
results and performance of the Company may differ materially from
the results expressed or implied by such forward-looking
statements. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company 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
the Company's filings with the Securities and Exchange Commission,
copies of which are available from the SEC or may be obtained upon
request from the Company.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Investor
Relations +1 (646) 975-0400
Investor.relations@pareteum.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pareteum-secures-17-5-million-in-financing-to-position-for-future-growth-301072393.html
SOURCE Pareteum Corporation