Net Element (NASDAQ: NETE), a global technology and
value-added solutions group, today announced its entrance into a memorandum of
understanding (“MOU”) with Bank Sputnik to launch a technology platform. The
platform is anticipated to offer a suite of payment acceptance services for
financial institutions and value-added providers. Per the MOU, NETE will
complete the deployment, launch and servicing of the payment processing center
in exchange for 25% of issued and outstanding shares of Bank Sputnik. The bank
will provide the capacity for the data center for deployment and use of
software required for the execution of the program, as well as financial
instruments for settlement of transactions and the required funding for the
development and implementation. The joint venture is subject to approval of the
shareholders of Bank Sputnik and the bank’s regulators, and the companies’
negotiating and entering into a binding definitive agreement. “This exciting
partnership with Bank Sputnik will enable the companies to join forces to
create a multi-channel payment processing center focused on value-added
services,” Vlad Sadovskiy, president of integrated payments for Net Element,
stated in the news release.
To view the full press release, visit http://ibn.fm/8ffGK
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 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 Aptito, the company’s 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’s as one of 2016’s fastest growing
technology companies. Further information is available at www.NetElement.com
About MissionIRNewsBreaks
MissionIRNewsBreaks provide
a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by
our Team of professional journalists that keep a constant eye on the markets,
these posts are designed to inform you on the latest happenings of our clients
and other publicly traded companies on our radar. From earnings, acquisitions
and agreements to conference attendance and clinical study results, our news
breaks keep you up-to-date with the day’s top movers. MissionIR is primarily
focused on strategic communications. We have executed countless communications
programs to address the needs of companies ranging from start-ups to
established industry leaders, gaining valuable experience and the expertise
necessary to determine the most effective strategy for any given situation.
Please see full terms of use and disclaimers on the Mission
Investor Relations website applicable to all content provided by MIR, wherever
published or re-published: http://www.missionir.com/disclaimer.html
