Prestigious Enterprise Ethereum Alliance welcomes Net Element to its network of innovative companies
MIAMI, FL, Feb. 21, 2018 (GLOBE NEWSWIRE) — Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group, today announces that it has joined the Enterprise Ethereum Alliance (“EEA”), the world’s largest open-source blockchain initiative with over 250 member companies. Net Element’s membership to the prestigious alliance is complementary to the Company’s recently announced decentralized blockchain technology solution that will enable an unlimited number of value-added services (“VAS”) and support the adoption of Ethereum in the enterprise.
The EEA seeks to augment Ethereum adoption as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability and security. Net Element is developing a decentralized crypto-based ecosystem to act as a framework for a number of value-added services that can connect merchants and consumers directly, via blockchain technology, while increasing the economic efficiency of all transactions conducted within the ecosystem.
Part of this initiative is the Company’s recently launched Netevia platform which delivers end-to-end multi-channel payment processing through easy-to-use APIs, point-of-sale (“POS”), e-commerce and mobile devices. Netevia’s blockchain solution, code-named “VIA Protocol,” is currently under development and is intended to enable new billing methodologies over the blockchain as well as create dynamic service offerings such as rewards, loyalty and one-click payments.
“EEA’s rapid growth in membership mirrors the accelerating acceptance and deployment of Ethereum blockchain solutions in the global marketplace,” says Julio Faura, EEA’s chairman of the board. “The technological breadth, depth and variety of organizations coming together under the auspices of EEA to create and drive enterprise Ethereum standards bodes well for the future development of the next-generation Ethereum ecosystem.”
“We are excited to be a part of the Ethereum Alliance, which connects Fortune 500 enterprises, startups, academics and technology vendors with Ethereum subject matter experts,” comments Net Element CEO Oleg Firer. “We look forward to leveraging the EEA network as we build more value for our community by developing our blockchain ecosystem for value-added services.”
“Net Element is focused on delivering value-added solutions for our community as we develop decentralized blockchain solutions to connect merchants and consumers. Alongside leading global enterprises, such as Microsoft, Intel, JPMorgan, Samsung, ING, MasterCard, Thomson Reuters, Cisco Systems, and others, we have partnered with EEA to establish clear roadmap, robust governance model, and useful Ethereum resources.”
About The Enterprise Ethereum Alliance
The EEA is an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security. The EEA is also investigating hybrid architectures that span both permissioned and public Ethereum networks as well as industry-specific application layer working groups.
EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate. This open-source framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos and provide insight to the future of scalability, privacy, and confidentiality of the public Ethereum permissionless network. Further information is available at www.entethalliance.org.
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 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 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.
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 the timing of completion of new features for the Netevia platform, whether contemplated projects and the utilization of blockchain technology will be successful, whether the addition of blockchain technology-focused payment processing solutions business will become a framework for multiple value-added services, whether the Company will be successful in expansion and growth endeavors; 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.
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