Pareteum issues letter to shareholders
Pareteum issued a shareholder update letter from its Executive Chairman and Principal Executive Officer, Hal Turner. The letter states, among other things: "Our restructuring and repositioning in 2016 has led to solid growth in 2017, and has defined our innovation in both services and market positioning, establishing a strong outlook for our success in 2018 and beyond. (...) Through TEUM's accretion of the current $129M 36 Month Contractual Revenue Backlog, our customer base increased from 4 as of year-end 2016 to currently 21 customers. (...) We have expanded into new markets and have provided new services as a result of the complete overhaul of our software and platform in order to fully support our Software as a Service business model, which we converted to in 2016. (...) Our decisions in 2016 to significantly reduce headcount and evolve our software and services offerings were difficult choices. (...) Our revenue per employee metric increased to a record $222,139 in Q3, a 4-fold increase from the end of 2015 (...) For the trailing twelve months ending September 30, 2017, Pareteum has generated positive adjusted EBITDA. Additionally, our Q3 operating results approached breakeven in both EBITDA and net earnings. (...) Our recent capital raises, aggregating to approximately $20M, will address specific long-term strategies that we are executing, and, we believe, will establish Pareteum as the dominant player in this space. (...) We expect that innovations will take us into new geographies, with new services and applications, and the ability to be in the ecosystem for the infinite directions available from connectivity among networks. (...)"