MIAMI, FL--(Marketwired - Nov 29, 2016) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, today announced it has selected Conformance Technologies, a fast-growing provider of operating systems, education systems and expertise used in managing business compliance requirements as its preferred provider for data compliance solutions.
Net Element will be offering PCI ToolKit in Chinese, English, Russian and Spanish languages for Payment Card Industry Data Security Standard (PCI DSS) merchant portfolio assessments. Net Element and its merchants will also have access to the Cyber Attack Readiness ToolKit™ and InConRadar™ toolsets for penetration testing, primary account number (PAN) scanning and real-time website monitoring of prohibited card brand acceptance activities.
"The integrated compliance-related solution set with the flexibility to handle multiple languages made partnering with Conformance Technologies a very easy decision for us," said Oleg Firer, chief executive officer for Net Element. "Their solutions provide us with a revenue opportunity, while making painful and costly compliance activities understandable and affordable for our diverse customer base," added Firer.
"We are excited to partner with Net Element to give their merchants access to compliance solutions in the languages they speak every day," said Darrel Anderson, president of Conformance Technologies. "The design of the Conformance Compliance Operating System™ enables the roll out of multi-language capabilities in just a matter of days," added Anderson. "The end result is that Net Element customers have confidence they are protecting their businesses with the most comprehensive and affordable toolkit solutions available that are easy to use and understand."
About Conformance Technologies
Conformance Technologies is a fast-growing provider of operating systems, educational systems and expertise used in managing business compliance requirements. More than 300,000 small and midsize business end-users rely on Conformance Technologies' solutions to protect their businesses every day, both domestically and around the world. Available solutions include the patented PCI ToolKit, Data Incident Management Program®, TINMatch ToolKit™, Cyber Attack Readiness ToolKit, Payment Security Awareness System™, Breach Defense Reviewer™ and InConRadar which offers cost effective, real-time merchant website monitoring.
Conformance Technologies is a privately held corporation headquartered in Reno, Nevada, with offices in Phoenix, Arizona, Orange County, California and San Antonio, Texas. Evolving from a payments consultancy and PCI compliance firm established in 2003, Conformance has become a leading provider of automated compliance and sensitive data protection systems and services. For more information, please visit www.conformancetech.com.
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.
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 whether the partnership with Conformance Technologies will generate revenue for or otherwise be beneficial to the Company. 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.