Pareteum Corporation (NYSE MKT: TEUM), a leading communications technology provider to global Mobile, MVNO, Enterprise and IoT markets, today announced that the NYSE MKT LLC has granted the Company an extension for compliance with its listing requirements through November 27, 2017.
On July 13, 2017, Pareteum Corporation (the "Company") received a notice from the NYSE MKT LLC (the "Exchange") indicating that the Company is not currently in compliance with the Exchange's continued listing standards as set forth in Section 1003(a)(i), Section 1003(a)(ii), Section 1003(a)(iii), and Section 1003(a)(iv) of the NYSE MKT Company Guide (the "Company Guide"). The Company is now in compliance with Section 1003(f)(v). The Exchange has reviewed the Company's most recent updates and determined to extend the plan period for the Company to regain compliance with Section 1003(a)(iv) through November 27, 2017. The compliance date for Section 1003(a)(i), Section 1003(a)(ii), and Section 1003(a)(iii) remain November 27, 2017, as we previously stated in the exchange's notice dated January 5, 2017.
"We are pleased to receive the NYSE MKT's extension through November 27, 2017. Having completed our restructuring in 2016, Pareteum is proving its value and potential in the market through our $60 million contracted backlog, which we expect will convert into growing quarterly revenues. Combined with our cost cutting measures, we are positioned to meet our listing requirement obligations," stated Hal Turner, Executive Chairman of Pareteum.
About Pareteum Corporation:
Pareteum Corporation and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise, Software-as-a-Service and IoT markets. The Company's software solutions allow any organization to harness the power of a wirelessly connected world by delivering seamless connectivity and subscriber management capabilities that provide end-to-end control of millions of connected devices. Mobile Network Operator (MNO) customers include Vodafone, the world's second largest mobile operator by customer count, Zain, one of the largest mobile operators in the Middle East, as well as MVNO customers such as Lebara and Lowi. For more information please visit: www.pareteum.com.