SOURCE: Network 1 Financial Group, Inc.

January 11, 2011 11:32 ET

Network 1 Financial Group Inc., Announces Appointment of New President and CEO

RED BANK, NJ--(Marketwire - January 11, 2011) - Network 1 Financial Holdings, Inc. (OTCBB: NTFL), today announced that the Board of Directors has elected Damon D. Testaverde, the President and CEO.

The board also approved the issuance of 6.2 million shares of common stock as additional compensation for his efforts in performance of these additional duties.

Mr. Richard Hunt, the current CEO, will remain Chairman of the Board and concentrate his efforts in new business development. Mr. William Hunt, the current President, will remain Chief Operating Officer and concentrate his efforts in business operations and management.

Mr. Testaverde said, "With the vast changing Global Economic Environment, unique investment opportunities present themselves. I believe we have an opportunity to assist public companies with their investment banking needs in new and exciting ways. There is a substantial void in the capital formation process for many public companies. Network 1 has the expertise and experience to help fill that void."

Network 1 Financial Group, Inc. is a holding company for Network 1 Financial Securities, Inc., a FINRA member broker/dealer that provides investment services to high net worth individuals and institutional investors and investment banking services.

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