SOURCE: Net Element, Inc.

Net Element, Inc.

June 21, 2016 08:45 ET

Net Element Appoints New CFO for Net Elements Emerging Markets Operations

MIAMI, FL--(Marketwired - Jun 21, 2016) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, announced today that Roman Shakirov has been appointed the Chief Financial Officer of Net Element Russia and emerging markets. Mr. Shakirov is a highly experienced financial professional with over 13 years of experience in finance and management. He brings to the Company his extensive background in corporate finance, treasury, financial planning and analysis, tax, strategic planning and risk management.

Prior to joining Net Element, Mr. Shakirov held senior positions at several leading multinational companies, including: Cherkizovo Group (LSE: CHE) (MCX: CHEP); Gallery Group; Ernst & Young and Grant Thornton. Mr. Shakirov's education includes an advanced degree from the Finance Academy under the Government of the Russian Federation with a specialization in Taxation. Mr. Shakirov led implementation of SAP ERP at Cherkizovo Group, and during his leadership, Cherkizovo Group was declared a winner of the prestigious Annual National IT Leader 2015 Prize for its outstanding contribution to the growth of the IT industry in Russia. Based in Moscow, Russia, Mr. Shakirov will work closely with the leadership teams of all Net Element Emerging Market's business units, including PayOnline and Digital Provider. 

"I am pleased to welcome Roman Shakirov as CFO of Net Element Russia and emerging markets. His proven leadership skills and experience in IFRS and GAAP accounting will be a valuable resource to the company," commented Oleg Firer, CEO of Net Element. "We look forward to seeing Roman contribute to the continued growth and success of our company in CIS and selected emerging markets."

"I can't imagine a more exciting time to join Net Element," commented Roman Shakirov. "Net Element is focused on powering global commerce and making a difference in digital payments in emerging markets and I am delighted to be a part of this growing company."

Mr. Shakirov will lead Net Element Russia and emerging market financial operations and regional finance teams. He will report directly to Jonathan New, CFO of Net Element, Inc.

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 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. 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 Mr. Shakirov's appointment will be beneficial to the Company, 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 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 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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