Strongest balance sheet in the company’s history to support organic growth and blockchain developments
MIAMI, FL, Jan. 24, 2018 (GLOBE NEWSWIRE) -- Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (POS), e-commerce, mobile devices and the blockchain ecosystem, today released the following letter to shareholders from the Company's chief executive officer, Oleg Firer:
Dear Fellow Shareholders,
The global payments industry continued to deliver healthy growth during 2017, with underlying transaction volumes demonstrating even greater strength. Exciting projects and disruptive technologies, like blockchain, will provide us the opportunity to continue developing and delivering innovative payment solutions in 2018 and beyond.
We are poised for growth in 2018 with the strongest balance sheet in our company’s history providing support for executing on opportunities.
During 2017 we continued our organic growth in the U.S. with a focus on value-added payments solutions. We successfully centralized our operations and re-focused our business initiatives internationally.
- Total transaction dollars processed during 2017 was $2.8 billion
- Total transaction dollars processed geographically in North American and international markets in 2017 were $2.35 billion and $446 million
- Transactions processed internationally have seen a 0.38% decline during 2017, due to reorganization and consolidation of the mobile solutions business
- Growth across all categories was organic
Accomplishments:
- Received a $7.55 million institutional investment to support continued organic growth and blockchain focused developments
- Ensured continued compliance with NASDAQ listing requirements
- Ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500™
- Supported Florida SMB merchants affected by Hurricane Irma with free mobile point of sale credit card readers
Partnerships:
- Partnered with Elo to provide a modern best-in-class point of sale solution
- Partnered with Payvision in Europe, extended access to global currencies
- Partnered with Planet Payment for multi-currency pricing solution in the United States
- Launched payment acceptance for V-Tell, international mobile network operator
- Launched payment acceptance for Azimuth Airlines
- Added support for iDEAL, the most popular payment system in Netherlands
Product launches:
- Launched same-day ACH payment processing solution in the United States
- Launched Zero-Fee processing program for SMB merchants in the United States
- Launched loyalty program for merchants
- Launched PayOnline’s support for electronic commerce in the United States
- Launched Apple Pay support in Russia
- Launched payment acceptance module for Telegram, Viber, Facebook and VK instant messenger apps
- Expanded payments module to include Prominent InSales
- Launched comprehensive point-of-sale program during Unified Payments’ “2017 Launch Series” at Northeast Acquirers Association event
- Launched ISO incubator program for certified resellers of Unified Payments to help them grow their business, compete and achieve success in today’s evolving marketplace
We are very pleased with our 2017 progress and look forward to further significant accomplishments in 2018 to include the addition of blockchain technology that will act as a framework for an unlimited number of value-added services.
Most importantly, we remain focused on the execution of our long-term objective to create a single, international on-boarding and transaction processing platform across payments ecosystems.
On behalf of our entire team, I want to personally thank all of you for your continued support.
Sincerely,
Oleg Firer
Chief Executive Officer
Net Element, Inc.
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 and Aptito, our 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 we were recognized by South Florida Business Journal's as one of 2016’s fastest growing technology companies. Further information is available at www.netelement.com.
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, but are not limited to whether contemplated projects and the utilization of blockchain technology will be successful, whether the addition of blockchain technology-focused business unit will indeed become a framework for multiple value-added services, whether the Company will be successful in expansion and growth endeavors s; and even if it is successful in any or all of these endeavors, whether this will positively impact the Company or result in improved shareholder value. Additional examples of such risks and uncertainties are : (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.