MIAMI, FL--(NewMediaWire - Aug 25, 2016)
- Net Element,
Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a
provider of global mobile payment technology solutions and
value-added transactional services, today announced that its
subsidiary PayOnline, has entered into a transaction processing
agreement with OOO Bank Round ("Round Bank"), a Russian Federation
licensed commercial bank. The agreement includes transaction
clearing, draft capture and settlement of bankcard transactions in
the Russian Federation.
"PayOnline holds a leading position in the Russian market,"
commented Yegor Davydov, Director of Business Development of Round
Bank. "We are pleased to have signed a partnership agreement with
PayOnline. Modern technology, a high level of security and an
individual approach to every client are all necessary ingredients
for a successful Internet payment processing business. These
characteristics are inherent in PayOnline, a company that prides
itself on product development, security and innovation. We are
confident that our relationship with PayOnline will be fruitful and
mutually beneficial."
One of the first clients of PayOnline to begin processing
utilizing Round Bank is LoveKorea.Ru, an online retailer of Korean
cosmetic products in Moscow. Founder of LoveKorea.Ru, George
Eksuzyana shared his first impressions:
"We just started working with Round Bank, but the bank has
already shown itself as a good partner. Reliability in payments
acceptance for e-commerce is one of the main objectives when
choosing a financial institution. The dependability and stability
of the bank's technology partners are the most important factors in
business development. In this regard we look forward to working
with Round Bank and PayOnline."
"We are excited about our partnership with Round Bank as we
continue to innovate and invest in disruptive products that make us
a key differentiator in the markets we serve," commented Marat
Abasaliev, CEO of PayOnline.
About Round Bank
OOO Bank Round ("Round Bank") was founded in 1993 is a
commercial bank, active in corporate banking and is a member of the
State Deposit Insurance Fund system. For more than twenty-year
history, Round Bank has earned an image as a reliable financial
partner for both business and private clients. Round Bank is
headquartered in Moscow, Russia. For more information,
visit www.round.ru.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service
transactional and value-added services platform for small to medium
enterprise ("SME") in the US and selected emerging markets. In the
US it aims to grow transactional revenue by innovating SME
productivity services such as its cloud based, restaurant
point-of-sale solution Aptito. Internationally, Net Element's
strategy is to leverage its omni-channel platform to deliver
flexible offerings to emerging markets with diverse banking,
regulatory and demographic conditions such as UAE, Kazakhstan,
Kyrgyzstan and Azerbaijan where initiatives have been recently
launched. Further information is available at www.netelement.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any statements contained in this press release that are
not statements of historical fact may be deemed forward-looking
statements. Words such as "continue," "will," "may," "could,"
"should," "expect," "expected," "plans," "intend," "anticipate,"
"believe," "estimate," "predict," "potential," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, whether the agreement with Round Bank will have a
positive impact on the Company, whether Net Element can secure any
additional financing and if such additional financing will be
adequate to meet the Company's objectives and whether the
transaction will add to the growth of the Company's business and
increase the Company's market share internationally. All
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements,
many of which are generally outside the control of Net Element and
are difficult to predict. Examples of such risks and uncertainties
include, but are not limited to: (i) Net Element's ability (or
inability) to obtain additional financing in sufficient amounts or
on acceptable terms when needed; (ii) Net Element's ability to
maintain existing, and secure additional, contracts with users of
its payment processing services; (iii) Net Element's ability to
successfully expand in existing markets and enter new markets; (iv)
Net Element's ability to successfully manage and integrate any
acquisitions of businesses, solutions or technologies; (v)
unanticipated operating costs, transaction costs and actual or
contingent liabilities; (vi) the ability to attract and retain
qualified employees and key personnel; (vii) adverse effects of
increased competition on Net Element's business; (viii) changes in
government licensing and regulation that may adversely affect Net
Element's business; (ix) the risk that changes in consumer behavior
could adversely affect Net Element's business; (x) Net Element's
ability to protect its intellectual property; (xi) local, industry
and general business and economic conditions; (xii) the Company's
issuances of the Company's common stock from time to time in
exchange for retiring the Company's debt may cause substantial
dilution to our existing stockholders and the sale of the shares of
our common stock acquired by Crede in exchange for our debt could
cause the price of our common stock to decline; (xiii) adverse
effects of potentially deteriorating U.S.-Russia relations,
including, without limitation, over a conflict related to Ukraine,
including a risk of further U.S. government sanctions or other
legal restrictions on U.S. businesses doing business in Russia.
Additional factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements can be found in the most recent annual report on Form
10-K and the subsequently filed quarterly reports on Form 10-Q and
current reports on Form 8-K filed by Net Element with the
Securities and Exchange Commission. Net Element anticipates that
subsequent events and developments may cause its plans, intentions
and expectations to change. Net Element assumes no obligation, and
it specifically disclaims any intention or obligation, to update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by law.