New Location-Based Mobile Phone Application Introduced by Net Element Enables College Students to Find, Sell, Barter and Trade Goods and Services

MIAMI, Sept. 27, 2011 /PRNewswire/ -- College students in several Florida schools can now sell, trade, barter and buy everything from books to bikes via their smartphones, thanks to a new mobile phone application created by students, for students and introduced by Net Element (OTCQB: NETE), a technology services provider and Internet publisher. The Yapik app, introduced this month as a pilot at Florida International University (FIU), the University of Florida (UF), and the University of Miami (UM), is slated to launch in 12 other schools in January and nationwide in July 2012.

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As the first location-based mobile commerce application catering specifically to college students, Yapik offers a new, easier way for students to find and barter goods and services within the context of the campus experience. Conceptualized by UM student Sabina Kaplan and University of South Florida (USF) graduate Cristina Dominguez, the app enables students to buy or sell products nearby, chat with other students, view content feeds, create profiles and lists of "favorite" friends.

"I got the idea to create Yapik as a college student at UM, because I knew firsthand that in college life, you have to get what you need, quickly, easily and at the right price, or you'll be left behind," said Kaplan, Yapik's founder, a current University of Miami student. "College students love their smartphones and love to banter, barter, and buy. Yapik is the perfect college app for this. Yapik is your campus connection in the palm of your hand."

Armando Ibarra, Yapik's product manager, a 2006 Massachusetts Institute of Technology (MIT) graduate, added: "We are very excited to be launching an innovative social e-commerce platform in the multi-billion dollar college market and giving students a valuable tool to enhance their college experiences."

The social app features geo-based and augmented reality services in an easy-to-use platform that will enable users to:

• Create accounts and have profiles that link them to their colleges
• Post items for sale, trade or barter
• Post information about items they're seeking
• Engage in live chats with other students to haggle, barter or negotiate for the items
• Have "favorites" lists of friends and buddies

Campus-optimized for unique student demographics and mobile lifestyles, Yapik will offer location-based recommendations and college-specific content feeds with live updates from the most recent posts. Students can make three posts for free, and all posts after that are charged on a monthly basis to their iTunes or Android accounts. Subscription costs will range from .99 cents for 10 posts per month to $2.99 for unlimited posts. More information about Yapik is available at www.Yapik.com.

About Net Element (OTCQB: NETE)

Net Element (OTCQB: NETE) is a global publisher of online destinations and business services on a custom technology platform for Internet and mobile distribution. This platform enables the rapid development, production and distribution of rich media content (HD & 3D), services (SaaS) and branded content in entertainment and news. NETE owns and publishes Internet properties and creates social and business communities in motorsports, music, film and entertainment. In addition to Yapik, its portfolio includes: www.Motorsport.com; www.Openfilm.com; www.Music1.com; and www.ARLive.com. For more information, visit www.NetElement.com.

SOURCE Net Element