SOURCE: Net Element, Inc.

Net Element, Inc.

July 21, 2015 08:57 ET

Industry Veteran Dave Chester Appointed as Unified Payments CEO

Appointment to Facilitate Corporate Strategy to Grow on a National Scale

MIAMI, FL--(Marketwired - Jul 21, 2015) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company") announces the appointment of David Chester to lead Net Element's US subsidiary, Unified Payments as its CEO.

Chester joins the company with 30 years' experience in the payments field and long standing relationships with sponsoring banks, national retailers, direct marketers, eCommerce, independent sales organizations (ISO's) and national catalogers.

Most recently as COO of JetPay from 2009 to 2015, Dave managed day-to-day operations of its payments group, including oversight of authorization, settlement, inquiries, customer service and new customer conversions.

In this role he was instrumental in selling and retaining such national customers as Apple Vacations and Expedia as well as local enterprises like YMCA's, upmarket hospitality and Independent Sales Organizations (ISO's). He also oversaw meeting EMV requirements within deadlines.

Prior to JetPay, he served as president of Susquehanna Bank subsidiary Central Atlantic Merchant Services, vice president of national and regional sales for First National Bank Omaha merchant division, and vice president of national sales at National Processing Company (NPC).

"I'm excited to work with the Unified team to expand the company's presence nationally from their core Northeast customer base," commented Chester. "Their acquisition of PayOnline is particularly exciting because of the technology we can put to work to achieve these objectives."

"Dave is as experienced as anyone in the payments field and has a demonstrated record of success," commented Oleg Firer, Net Element CEO. "His management capabilities fit perfectly with our strategy to leverage technology and expand nationally."

About Unified Payments

Unified Payments, a division of Net Element is one of the leading providers of credit and debit card-based payment processing services in the United States. It enables merchants to accept cashless transactions for their merchandise and services by providing transaction processing, risk management, fraud detection, 24 hours / 7 days a week merchant assistance, support and chargeback services.

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, Russian Federation and other international markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant 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, India and Latin America where initiatives have been recently launched. It maintains offices in Miami, FL and in Russia. Further information is available at www.netelement.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 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. These forward-looking statements include, without limitation, whether the new appointment will achieve the company's national growth objectives, whether the PayOnline transaction will be successfully concluded, whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. 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: (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 US-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further US government sanctions or other legal restrictions on US 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 and the subsequently filed 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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