Pareteum Procures Worldwide License to Embed iPass Technology
NEW YORK, May 14, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company has signed a worldwide license purchase agreement to fully embed the iPass SmartConnect™ technology into the Pareteum Global Cloud Services Platform for a total consideration of $3 million. Under the terms of the license purchase agreement, Pareteum will have an unlimited license to enable their global subscribers to seamlessly switch between mobile and WiFi connectivity.
This investment into Pareteum's infrastructure will move us closer to our vision of connecting any device, any network, anywhere. The unique communications solution integrates several connectivity options in a single platform. Connectivity will be enhanced considerably by adding a new functionality that enables a secure connection to the best signal available, regardless of this being mobile or WiFi. Pareteum's vision of combining new complementary technologies with our existing cloud platform to further support the expansion of our customers becomes a reality as SmartConnect™ will be fully integrated into Pareteum's Global Cloud Services Platform ("GCSP"), providing a seamless, worldwide, experience for our customers. The platform will recognize the best connectivity option available and automatically connect to it.
"Answering our customer's needs by merging new technologies into our existing suite of services will allow Pareteum to distinguish itself as an industry innovator and disruptor. Owning the license for this new service offering will leverage and accelerate our customers business strategy by reaching the market with a wider set of features that complement and enhance their existing suites of products, turning into a higher end-customers attraction and retention, same as engagement and satisfaction," commented Denis McCarthy, Pareteum's SVP of Corporate Development.
Hal Turner, Pareteum's Executive Chairman and Principal Executive Officer, stated, "The need for different sources for a secure and reliable connectivity is a fact of life in today's world. Pareteum is addressing that need by raising funds to invest into expansion and development and by disrupting the industry with innovative technology paired with a Global Cloud platform capable of managing and connecting these services."
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect "every person and everything." Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solution featuring relevant content, applications, and connectivity worldwide. Our platform services partners (technologies integrated into our Cloud) include: HPE, IBM, Sonus, Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum's award winning software, developed and enhanced for many years. 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.
About iPass Inc.
iPass (NASDAQ:IPAS) is a leading provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device. Built on a software-as-a-service (SaaS) platform, the iPass cloud-based service keeps its customers connected by providing unlimited Wi-Fi connectivity on unlimited devices. iPass is the world's largest Wi-Fi network, with more than 64 million hotspots around the globe, at airports, hotels, train stations, convention centers, outdoor venues, inflight, and more. Using patented technology, the iPass SmartConnect™ platform takes the guesswork out of Wi-Fi, automatically connecting customers to the best hotspot for their needs. Customers simply download the iPass SmartConnect app to experience unlimited, everywhere, and invisible Wi-Fi. iPass® is a registered trademark of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. All other trademarks are owned by their respective owners.
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.
Pareteum Investor Relations Contacts:
Chief Financial Officer
T UAE: +971 (0) 55 997 0427 | T UK: +44 (0) 870 490 5443 | T CAN: +1 416 900 3634
iPass IR Contacts
Kirsten Chapman / Becky Herrick
LHA Investor Relations
+1 (415) 433-3777
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SOURCE Pareteum Corporation
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