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Pareteum Corporation (OTC: TEUM) has initiated a voluntary Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court, seeking to undergo a strategic asset sale. With a commitment of $6 million in debtor-in-possession financing, the company aims to address legacy issues and position itself for future growth. Circles MVNE and Channel Ventures Group are set to acquire significant assets from Pareteum, pending court approval. The company plans to maintain regular operations during this process, ensuring employee payments and commitments to customers are met.
Pareteum Corporation (OTC: TEUM) announced on October 1, 2021, its intent to explore a range of strategic alternatives due to ongoing liquidity challenges. This includes potential sales, business combinations, financing, and restructuring transactions. The company has enlisted FTI Capital Advisors to aid in this evaluation. While the Board believes this review is prudent, no specific timeline for completion has been set. Pareteum continues to prioritize day-to-day operations while assessing these alternatives.
Pareteum Corporation (OTC: TEUM) has announced a partnership with Cayon Cloud Communications to deploy its Experience Cloud™ platform for mobile wireless services in Tunisia. Cayon, now an MVNO, aims to launch new mobile brands, targeting over 10 brands and 100,000 subscribers by year-end. The Experience Cloud™ solution enables scalable, flexible MVNO offerings while leveraging the network of Tunisie's Telecom, which serves over 5 million active subscribers in a market of 15 million. This collaboration aligns with Cayon's goal to provide high-quality connectivity and transparent products in the region.
Pareteum Corporation (OTC: TEUM) reported 2020 financial results, showcasing a 12% revenue increase to $69.6 million from $62.0 million in 2019. The company improved its net loss from $222.3 million in 2019 to $45.5 million. Gross profit rose by 39% to $20.7 million compared to $14.9 million in 2019. Pareteum added over 50 new customers and grew platform connections by 156% since 2018. The company emphasized its readiness to capture growing market opportunities while continuing to resolve legacy issues.
Pareteum Corporation (OTC: TEUM), a global CPaaS company, is set to report its full-year 2020 financial results on June 17, 2021, after market close. A conference call and live audio webcast will follow at 4:30 p.m. ET. The webcast can be accessed via the company's website, and a replay will be available for 30 days. Pareteum operates in multiple regions, providing innovative communications solutions that empower various sectors, including IoT and telecommunications.
Pareteum Corporation (OTC: TEUM) reported preliminary revenue for 2020 of $69.6 million, reflecting a 12% increase from $62.0 million in 2019. Gross profit rose to $20.7 million compared to $14.9 million in 2019. The company anticipates a significantly reduced net loss in 2020, improving from a $222.3 million loss in 2019. With a 244% revenue growth over three years, Pareteum has expanded its customer base to over 1,100 clients, marking strong traction despite the pandemic. A conference call is scheduled for today to discuss these findings further.
Pareteum Corporation (TEUM) will announce its full-year 2020 financial results on May 17, 2021, after market close. Following the release, the company will conduct a conference call and live audio webcast at 4:30 p.m. ET. Investors can access the webcast via the company's website or by dialing in, with a replay available for 30 days. Pareteum provides Communications Platform as a Service (CPaaS) solutions globally, enabling businesses to deliver innovative communication experiences.
Pareteum Corporation (OTC Pink Open Market: TEUM) has announced a strategic partnership with Reach Mobile to enhance its Pareteum Experience Cloud. This collaboration aims to accelerate the global rollout of Mobile Virtual Network Operator (MVNO) services, leveraging Reach Mobile's cloud-native platform for improved customer engagement and analytics. According to Pareteum's interim CEO, the partnership addresses the growing demand for turnkey wireless services while ensuring rapid scalability. A new MVNO contract is expected to launch services within 60 days, indicating a proactive approach to market growth.
Pareteum Corporation (OTC Pink Open Market: TEUM) announced its full-year 2019 financial results, reporting revenue of $62.0 million, up 206% from $20.3 million in 2018. The net loss for 2019 was $226.8 million, a significant increase due to a $161.0 million non-cash impairment related to acquisitions. The company plans to file its 2020 financial results soon and is focused on compliance and growth, emphasizing opportunities in digital transformation and connectivity for business customers.
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