Global financial technology and value-added solutions group Net Element, Inc. (NASDAQ: NETE) this morning released an updated letter to shareholders from CEO Oleg Firer. In the update, he recaps the company’s achievements for the first half of the year before taking a look at recent corporate events that could contribute to Net Element’s future performance. “To date, our focus has been on growing our business and creating an efficient, well-functioning company by laying the foundation for a scalable business,” Firer noted in the shareholder letter. “I am pleased to say that we have been successful in the execution of these priorities and that we are growing our business both domestically and internationally. We have re-organized our international operations and expect to see cost reductions beginning in the third quarter of 2017.” Other topics addressed in the update include the company’s upcoming meeting with Nasdaq, scheduled for August 10, 2017, as well as its ongoing efforts to obtain funding, including the company’s recently-obtained $2.5 million credit line.
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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 US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. 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 such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Further information is available at www.netelement.com.
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