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Net Element, Inc. (NASDAQ: NETE) Receives $2.7 Million

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NetworkNewsWire Member Level  Wednesday, 01/03/18 03:57:33 PM
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Net Element, Inc. (NASDAQ: NETE) Receives $2.7 Million from Sale of Common Shares

- NETE received $2,683,835 from sales of common stock in multiple transactions with Cobblestone Capital Partners, LLC
- Proceeds are expected to be used for working capital and general corporate purposes
- NETE recently launched new blockchain-based business unit to provide value-added services and transaction support in the cryptocurrency market

Net Element, Inc. (NASDAQ: NETE) has received $2.7 million from its share sale, aggregating an additional 536,767 common shares to Cobblestone Capital Partners, LLC in multiple transactions, it disclosed in an SEC 8K filing on December 26, 2017 (http://nnw.fm/uJE9v). NETE is expected to use net proceeds for working capital and general corporate purposes, its prospectus said (http://nnw.fm/5tj6G).

NETE is a global financial technology and value-added solutions group that supports companies in accepting electronic payments in an omni-channel environment spanning across point-of-sale terminals and mobile devices. It maintains three segments: Mobile Payment Solutions, Online Payment Solutions and North America Transaction Solutions. It offers cloud-based proprietary technology products.

Most recently, it launched a new blockchain-based business unit designed to improve the efficiency and simplicity of transactions between buyers and merchants. It will operate in the cryptocurrency market, offering innovative digital payment methods and value-added services, according to NETE CEO Oleg Firer. The new unit will operate in partnership with Bunker Capital.

Firer added that he believes we are at the dawn of an evolution that focuses on innovative digital payment methods (http://nnw.fm/U3Dx3). The goal of the company’s new blockchain unit is to provide compliance assurance and transparency in cryptocurrency transactions. Further, it will enable the provision of value-added services to some 20 million ecommerce clients who are already utilizing Net Element services. NETE also offers analytical tools, online payment methods and technologies in mobile transactions.

For more information, visit the company’s website at www.NetElement.com


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