MIAMI, Aug. 14, 2014 /PRNewswire/ -- Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States, is pleased to announce that Oleg Firer, the company's chief executive officer, has been selected as a member of the Mobile Payments, ISO Practices and Risk, Fraud & Security Committees of the Electronic Transactions Association (ETA) an international trade association representing over 500 companies that provide electronic transaction products and services.
Additionally, Vlad Sadovskiy, Net Element's President of merchant services has been selected as a member of the ISO Practices Committee and Shawn Brown, Net Element's Vice President of risk management has been selected as a member of the Risk, Fraud & Security Committee. All appointments are effective immediately.
ETA Mobile Payments Committee is a task force that includes representatives from US carriers, as well as other developers of mobile payments services. ETA Mobile Payments Committee develops and implements industry-wide solutions to the complex policy and business issues surrounding the emergence of mobile payments in the U.S. and globally. ETA ISO Practices Committee is responsible for identifying, developing and promoting effective practices pertaining to the distribution and sale of electronic payments-related products and services to merchants and businesses. The Risk, Fraud & Security Committee monitors risk, fraud, and related compliance issues in the industry and recommends related best practices and other risk mitigation strategies.
"I am honored to join ETA Committees along with other members of my team and look forward to playing a role in the development and growth of the global mobile payments industry," said Oleg Firer, CEO of Net Element. "Mobile payments are just beginning to realize its full potential as a robust enabler of global electronic commerce. As the preeminent trade association of the electronic payments industry, ETA is the hub of activity in mobile payments."
Amy Zirkle, Director of Industry Affairs at the Electronic Transactions Association, stated "We welcome the active participation of Net Element in the work of our committees as we address the key strategic issues expanding the growth of the payments industry."
About Net Element (NASDAQ: NETE)
Net Element (NASDAQ: NETE) is a global technology-driven group specializing in mobile payments and value-added transactional services. The Company owns and operates a global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012, Aptito, a next generation cloud-based point of sale payments platform, and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia's second largest telecommunications operator. Together with its subsidiaries, Net Element enables ecommerce and adds value to mobile commerce environments. Its global development centers and high-level business relationships in the United States, Russia and Commonwealth of Independent States strategically position the Company for continued growth. The Company has U.S. headquarters in Miami and headquarters in Moscow. More information is available at www.netelement.com.
About Electronic Transactions Association
As the only organization leading and representing the payments technology industry, Electronic Transactions Association (ETA) offers cutting edge news and information, facilitates business connections and growth, provides a standard of industry certification, and advocates on issues critical to their members' success. ETA's more than 500 members represent over $4 trillion in annual payments processed in the U.S. More information is available at www.electran.org.
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 Net Element or its business continues to grow. 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 that the U.S. government may decide to impose 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.
SOURCE Net Element, Inc.