Pareteum’s Audit Opinion Removes Going Concern Explanation
Pareteum’s Audit Opinion Removes Going Concern Explanation
Form 10-K for Year-Ended December 31, 2017 Filed with SEC on
March 30th
NEW YORK, NY – PRNewswire – April 2, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, announced that it has disclosed in its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed on March 30, 2018 with the Securities and Exchange Commission, that the audited financial statements did not contain a going concern qualification paragraph in the audit opinion from its independent registered public accounting firm.
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, “This achievement marks another milestone in our successful turnaround as we have significantly improved our balance sheet by increasing our cash and eliminating all senior secured debt. With our current balance of $15 million of cash, we are fully capitalized for our growth plan as we continue to seek new business and convert our current revenue backlog to revenue. Confidence in our business model and execution on our financial model, such as the removal of the going concern opinion, sets the tone for Pareteum to continue to excel in 2018.”
This announcement does not represent any change or amendment to the Company’s consolidated financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
About Pareteum Corporation
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 solutions 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.
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:
Ted O’Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
Hayden IR
(917) 658-7878
