Electric Vehicle Market Offers Compelling Opportunity for Savvy, Forward-Thinking Companies
New York, Aug. 13, 2020 (GLOBE NEWSWIRE) -- (“NNW”) announces the availability of a broadcast titled, “Investors Pile into the Accelerating Electric Vehicle Market.”
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legacy business model has been firmly centered within the fintech space, with the company operating a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets. Net Element has plans to divest itself of its payments processing business and portfolio to transform the company into a pure-play electric vehicles manufacturer going forward.
"We feel, after considering an array of strategic alternatives, that the agreement with Mullen provides our shareholders with the most compelling opportunity," said Net Element chairman and Chief Executive Officer Oleg Firer. "We conducted an extensive search of companies that have disruptive technologies and believe that Mullen represents the best path forward. COVID-19 has created a unique set of challenges for our payment processing business, as many of our payment processing customers are located in the Northeast, which has been hit especially hard by the coronavirus. We expect that the merger with Mullen will create a new path forward that should reward our long-time shareholders."
About Mullen Technologies:
Mullen Technologies is a Southern California-based licensed electric vehicle manufacturer with international distribution that operates in various verticals of businesses focusing in the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. Each of these divisions provide Mullen with diversity of different products and services within the automotive industry.
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About Net Element, Inc. ( NETE)
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., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and , its cloud-based, restaurant and retail point-of-sale solution. 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. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies.
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Forward-Looking Statements
This 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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