Net Element Announces Growth in Transaction Processing Volume
July 11 2018 - 7:30AM
Company Demonstrates Year-Over-Year Transaction
Dollar Processing Growth of 37%
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 and mobile devices, today announces an increase in
transaction processing volumes for the first six months of 2018 as
compared to the same period in 2017.Total dollars processed from
January 2018 through June 2018 increased 37% to $1.62 billion from
$1.18 billion in transaction volume during the same period in 2017.
Led by robust growth from our subsidiary Unified
Payments, North America Transaction Solutions segment saw the
largest increase of 40% to $1.4 billion from $1 billion.
International Transactions Solutions increased 20% to $211 million
from $176 million.Oleg Firer, CEO of Net Element, commented, “We
are pleased with our continued growth across all segments. Our
growth is facilitated by our innovative, customer-focused
value-added products and services. We are confident this trend will
continue for the balance of 2018 and intend on putting
measures in place to ensure these growth initiatives continue to
deliver results well into the future.”
Total transactions processed during the first six
months of 2018 were 50.2 million compared to 35.7 million for the
same period in 2017. The 41% increase in transactions processed
came primarily from North America Transactions Solutions which saw
a 41% increase to 28.1 million from 20 million. International
Transactions Solutions processed 21 million versus 15 million,
which represents a 40% increase. Growth in all segments was
organic. The above results include the reorganization of the
mobile payments segment into the International Transactions
Solutions segment.
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 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 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. Examples of
such risks and uncertainties include but are not limited to what if
any measures will be adopted by the company and whether the Company
will experience continued growth and further expansion locally or
internationally for the remainder of 2018 or beyond. 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.
Media@NetElement.com
+1 (786) 923-0502
Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
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