Elephant Talk Receives $10 Million Service Prepayment as part of New 5 Year Contract with Existing MNO Client in Europe
Increased capabilities positions the Software-DNA™ platform for the roll out to other geographies
Elephant Talk Communications Corp. (NYSE MKT: ETAK) (the "Company" or "Elephant Talk"), (www.elephanttalk.com), a leading international provider of mobile proprietary Software Defined Network Architecture (Software DNA™) platforms and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, today announced that the Company has signed a 5-year extension with an existing Mobile Network Operator (MNO) in Europe. Under the financial terms of this new contract, the Company expects that hosting fees will increase approximately 13%, on average, per SIM per month, in exchange for improved service levels. Elephant Talk will receive continuous prepayments of approximately $10 million for the duration of the contract.
Steven van der Velden, Chairman and CEO of Elephant Talk stated: "We are excited to enter this next phase in our relationship with this leading mobile operator. With this new contract, we will receive continuous prepayments of $10 million+ for the duration of the contract. This next phase is a key milestone for the Company as we further deploy our enhanced Software-DNA™ platform designed to support the high-level operational requirements of today's mobile carriers. It is equally as important for us to service the needs of their multiple wholesale customers (MVNOs) and millions of end-users. Through this contract, our client has demonstrated their commitment to our partnership and continues to provide critical validation of our platform and software capabilities. We are pleased to play a critical role in enabling this MNO to meet its ambitious growth and commercial targets."
Martin Zuurbier, CTO Elephant Talk commented: "This contract is the result of a strong business collaboration and commitment to high standards between our two organizations, and our mutual efforts to further build upon our world-class Software-DNA™ platform. As a result of this combined product development effort, we believe that Elephant Talk's platform is now well positioned to provide services to our partner's other European geographies."
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