Pareteum Corporation Announces Review of Strategic Alternatives and Commitment of FTI Capital Advisors
Posted: October 1, 2021 at 3:00 p.m. MDT|Update: 6 hours ago
NEW YORK, October 1, 2021 / PRNewswire / – Pareteum Company (OTC: TEUM) (“Pareteum” or the “Company”), a global Cloud Communications-Platform-as-a-Service (CPaaS) company, today announced that due to continued liquidity needs, it intends to assess a range of strategic alternatives. These strategic alternatives include, but are not limited to, sale or other business combinations, financing and / or restructuring transactions.
Pareteum engaged FTI Capital Advisors, LLC to assist with the valuation process.
Marie Beth Vitale, Chairman of the Board of Directors of the Company, said: “Our board has determined that it is prudent at this time to undertake this strategic review to ensure that all alternatives available to the Company are evaluated. Pareteum will remain focused on our customers, suppliers, employees and other stakeholders, while continuing to manage day-to-day operations as usual while it evaluates these alternatives. “
The Company has not set a timeline for the conclusion of its review of strategic alternatives, and it does not intend to comment further unless and until a specific action plan has been approved or the Company has otherwise determined that further disclosure is appropriate or required and in accordance with the requirements of applicable securities laws.
About Pareteum Corporation
Pareteum is a cloud-based software communication platform company whose mission is to connect everything and everything.MT. As a global provider of Communication as a Service (CPaaS) platform solutions with operations in North America, Latin America, Europe, Middle East and Africa, and Asia Pacific regions, Pareteum gives businesses, communications service providers, startup innovators, developers, Internet of Things (IoT) and telecommunications infrastructure providers the freedom and control to create, deliver and develop innovative communication experiences. The Pareteum platform connects people and devices around the world using the secure, ubiquitous and highly scalable solution to deliver data, voice, video, SMS / text messages, media and contents. For more information, visit www.pareteum.com and follow the company on LinkedIn.
Certain statements contained in this document constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Except for historical matters, the matters discussed in this press release are forward-looking statements. We have based these forward-looking statements on our current expectations and projections regarding future events. Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “plan”, “should”, “Will”, “should” and other similar expressions. In addition, any statement that refers to expectations or other characterizations of future events or circumstances are forward-looking statements. However, our actual results may differ materially from those contained in, or implied by, these forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include, but are not limited to: risks and uncertainties associated with integrating assets and transactions that we have acquired and that we may acquire in the future ; our possible inability to raise additional capital that will be required to expand our operations; the substantial doubt about our ability to continue our activity expressed in the last report on our audited financial statements; our potential lack of revenue growth; the length of our sales cycle; ongoing SEC investigations and other legal proceedings; the epidemic and the impact of the novel coronavirus (COVID-19) on the global economy and our activities; our potential inability to add new products and services that will be necessary to generate increased sales; our potential inability to successfully develop and market any platforms or services or our inability to obtain adequate funding to operate or grow our business; our ability to successfully remedy material weaknesses in our internal control over financial reporting on time and in the manner currently anticipated; the effectiveness of our internal control over financial reporting, including the identification of additional control weaknesses; risks relating to restrictions and covenants on our convertible debt facility that could adversely affect our business; risks associated with our current non-compliance with certain terms of our senior secured convertible debt; our potential loss of key personnel and our ability to find qualified personnel; international, national, regional and local economic political changes, political risks and risks associated with global tariffs and import / export regulations; fluctuations in foreign currency exchange rates; our potential inability to use and protect our intellectual property; risks associated with our continued investment in research and development, product defects or software errors, or cybersecurity threats; general economic and market conditions; regulatory risks and the potential consequences of non-compliance with applicable laws and regulations; increases in operating expenses associated with the growth of our operations; risks relating to our share capital, including the potentially dilutive effect of issuing additional shares and the fact that shares eligible for future sale could have an adverse effect on the market for our common shares; the possibility of changes in telecommunications tariffs and technological changes; disruptions to our networks and infrastructure; the potential for increased competition and the risks associated with competing with major competitors who are bigger than us; our positioning in the market as a small supplier; risks resulting from the restatement of some of our financial statements; and other risks discussed in our Form 10-K for the year ended December 31, 2020. Except to the extent required by applicable laws or rules, we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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