Wednesday, December 30, 2020

MissionIRNewsBreaks – Net Element (NASDAQ: NETE) Announces Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 EVs

 Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately held Mullen Technologies Inc. Mullen recently executed a nonbinding Letter of Intent (“LOI”) with Unlimited Electrical Contractors Corp (“UEC”), a premiere electrical contractor based in Pompano Beach, Florida. The LOI outlines agreements for the purchase of up to 10,000 of Mullen’s MX-05 electric vehicles (“EVs”), with an initial purchase order of 1,500 MX-05s, valued at an estimated $75 million. The LOI states that UEC may order an additional 8,500 vehicles by 2025.UEC is working toward being the first electrical contractor with an all-electric service fleet. The agreement is for a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame available in either a single or dual electric motor configuration. “We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business,” said Mullen Technologies CEO and Chairman David Michery in the press release. “UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use.”

To view the full press release, visit https://ibn.fm/9S4OA

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. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately held Mullen Technologies Inc., a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). The contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visitwww.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

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.

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