Net Element Appoints Seasoned Financial Services Executive to its Board of Directors

John Wiegand Joins Net Element Board of Directors

MIAMI, FL, Sept. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Net Element, Inc. (NASDAQ: ) ("" or the "Company"), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale (POS), e-commerce and mobile devices, today announces that Mr. John Wiegand has joined Net Element’s board of directors and will serve as the chairman of the compensation committee and a member of the Company’s audit, nominating and governance committees.  

Mr. Weigand is an accomplished financial services executive with more than 20 years of merchant financing and electronic payments industry experience. Mr. Weigand is currently the CEO of (“MGC”), a firm specializing in financing payment service providers and small businesses. Prior to MGC, he was an officer and shareholder of , which was acquired in 2014 by a private equity firm . Prior to his tenure with Merchant Capital Access, he was a founding director of Payment Express Systems which was acquired by in 2012. Prior to that Mr. Weigand was vice president of . Prior to joining CIT, he was a founder of a credit card terminal leasing company which was acquired by CIT Group, Inc. in 2002. Prior to founding that company, Mr. Weigand was an executive with several banks in the New Jersey and Pennsylvania area. He is a CPA with a BS in Accounting and an MBA in Finance from St. Joseph’s University in Philadelphia. Mr. Weigand also sits on the Board of Educational Impact, LLC, a leading provider of online video content for secondary education professional development.

“I am very excited to be working with the Net Element team,” said John Weigand. “Net Element has created a technology stack of competitive value-added offerings around its proprietary payments acceptance ecosystem. I am excited to get started and contribute to the company’s growth and development in a meaningful way.”

Mr. Weigand has replaced Drew Freeman, who resigned from the Board of Directors to pursue other interests. “The Company would like to thank Drew Freeman for his contribution in helping develop the company and we wish him the very best in his future endeavors,” added Oleg Firer, Executive Chairman of Net Element.

“We are pleased to welcome a new member with such strong credentials and deep understanding of the electronic payments industry,” commented Oleg Firer, Executive Chairman of Net Element. "John’s proven track record, knowledge and relationships in the electronic payments industry will be an asset to the company as we continue to execute our business plan.”

Additional information concerning appointment and resignation is contained in Net Element’s Form 8-K, which was filed with the Securities and Exchange Commission (SEC) on September 3, 2019 and may be obtained from the SEC’s Internet website at .

About Net Element

Net Element, Inc. (NASDAQ: ) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and , our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Technology Fast 500™.  In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at .

Forward-Looking Statements

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. 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 whether Mr. Weigan’s track record, knowledge and relationships in the electronic payments industry will turn out to be of value to the company.  Additional 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) 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, 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.