Net Element Releases Letter to Shareholders
March 18 2020 - 12:00PM
via NEWMEDIAWIRE -- 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”), today issues the following letter
to shareholders from the Company’s chief executive officer, Oleg
Firer:Dear Fellow Shareholders,The COVID-19 epidemic is affecting
every business across the globe. Over the last three weeks we have
taken initiatives to minimize the risks to our business and protect
our shareholders. Our management team’s experience during the
2008 financial crisis is proving to be very valuable in dealing
with the current crisis. Our entire staff is fully committed
and working diligently to support our merchants through these
difficult times. Most of our merchants have contactless payment
acceptance capabilities through their point of sale solutions as
well as ecommerce and mobile contactless payment acceptance
capabilities to eliminate the need for physical payments to help
reduce the spread of the virus. The following initiatives including
an extensive business continuity plan have been
implemented:
Risk Management:
- Enhanced risk controls and safeguards have been put in
place for merchants that sell products with an extended delivery
time frame, products paid in advance, catering, ticketing, limo and
travel related merchants
- Onboarding of new merchants in the above categories has
been put on hold until further notice
- For those employees that will be working from home, we
have implemented a “remote work” policy and provided employees with
the technology necessary to do so
- For those employees that require office attendance, we
are taking significant steps to ensure seamless service delivery
while safeguarding employees health
Contactless Payments:
- Most of our merchants have contactless payment acceptance
capabilities through their point of sale devices from equipment
manufacturers such as PAX, Poynt and Verifone which are fully
integrated
into Netevia and Aptito platforms.
- We launched an initiative to deploy contactless payment
acceptance equipment to merchants that don’t currently have
it.
- Mobile contactless payment acceptance is available
through our Unified mPOS App which can be downloaded from
Apple’s App Store and Google’s Google Play Apps.
- Online ecommerce payments through shopping carts allow
our merchants to sell their products and services to customers that
prefer to shop from the convenience of their homes.
Moving forward, we will continue proactively
managing the situation and providing support for our merchants.
We continue our mission to build value for our shareholders
as we work our way out of this crisis. We believe that given
our team experience, dedicated and talented staff and our
dedication to the business we will emerge stronger than ever.
We wish our shareholders, partners, merchants and their loved
ones good health during these difficult times.
Sincerely,
Oleg FirerExecutive Chairman Chief Executive
OfficerNet Element, Inc.
About Net ElementNet 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., the
Company aims to grow transactional revenue by innovating SME
productivity services using various technology solutions
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
and 2018 Technology Fast 500™. In 2017 we were recognized by
South Florida Business Journal as one of 2016's fastest-growing
technology companies. Further information is available
at www.NetElement.com.
Forward-Looking StatementsSecurities
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. An example of
such risk and uncertainty is whether the initiatives taken by the
Company to minimize business risks and protect shareholders will be
successful and whether the Company and its business
will indeed emerge stronger after the COVID-19 epidemic..
Additional examples of such risks and uncertainties include
but are not limited to (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; and (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.
Contact:Net Element, Inc.+1 (786)
923-0502www.NetElement.comMedia@NetElement.com
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