Pareteum Corp (NYSEAMERICAN: TEUM) is having a great day in the market today, and for good reason. The company issued yet another press release surrounding a new contract it has been awarded. Of course, the new contract will drive substantial revenues, leading to excitement among investors and sending the stock on a run for the top. Today, we’ll talk about:
- The contract;
- what we’re seeing from TEUM as a result;
- and what we’ll be watching for ahead.
TEUM Announces Contract Award
As mentioned above, Pareteum is having an incredibly strong day in the market today after announcing that it has signed yet another contract. In a press release issued early this morning, the company announced that it has entered into a 3-year, $4 million contract with a diversified enterprise client in the manufacturing, banking and construction sectors. In the release, TEUM said that the customer will use its Global Cloud platform to provide services for their wireless Internet of Things requirements.
TEUM earned the contract through a solution that enables enterprise customers to operate from a single software and connectivity platform while managing wireless devices and giving the company the ability to provision, monitor and manage all of the connectivity for their Internet of Things initiatives. Under the terms of the agreement announced today, Pareteum will receive monthly recurring fees as well as wireless connectivity service fees for all devices managed by its cloud platform. In a statement, Vic Bozzo, CEO at TEUM, had the following to offer:
Managing of Internet of Things and the respective devices has become a large part of what we do and its made possible by the flexibility created by our software team. We can continue to see unlimited opportunity in the world as wireless controls everything.
The above statement was followed up by Hal Turner, Executive Chairman and Principal Executive Officer at TEUM. Here’s what he had to offer:
TEUM’s ecosystem, including our partnerships and reach, now enable the virtual elimination of geographic boundaries. Delivery of our award-winning services can be served around the globe through our unique and award-winning technology. We expect our goal of ‘wireless everywhere’ and smart city and smart enterprise business models to quickly scale in these markets.
What We’re Seeing From The Stock
As the contractual revenue backlog at Pareteum continues to grow, it’s no surprise that excited investors are pushing growth in the value of shares. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:43), TEUM is trading at $2.95 per share after a gain of $0.17 per share or 6.12% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TEUM. In particular, we’re interested in following the story surrounding the company’s continued growth of its contractual revenue backlog through a strong focus on sales. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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