Mullen Technologies, which previously entered a definitive agreement to merge with Net Element (NASDAQ: NETE), recently announced extension of a letter of intent (“LOI”) for the acquisition of a 1.3-million-square-foot electric vehicle (“EV”) manufacturing facility. Mullen, a Southern California-based, licensed EV manufacturer with international distribution that operates in various verticals of the automotive industry, extended the LOI with S3R3 Solutions to assemble EVs and manufacture EV batteries in the area of West Plains, Washington (http://ibn.fm/qZlx4). A recent article discussing this reads, “Mullen’s vision is to begin assembly of electric vehicles and development of its battery packs in an initial facility of 500,000 square feet and expand into an addition 800,000 square feet as its battery production expands. The proposed site would be leased by Spokane International Airport to S3R3, which would finance and build the facility through the use of a revenue bond. Mullen anticipates meeting the requirements of the LOI by late 2020, which would allow initiation of the planning, financing, permitting and construction of the facility.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States 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 Aptito, 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(TM). 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 www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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