NetworkNewsBreaks – Net Element, Inc. (NASDAQ: N

NetworkNewsBreaks – Net Element, Inc. (NASDAQ: NETE) Enters MOU with Bank Sputnik to Launch New Payment Processing Center

Net Element (NASDAQ: NETE), a global technology and value-added solutions group, today announced its entrance into a memorandum of understanding (“MOU”) with Bank Sputnik to launch a technology platform. The platform is anticipated to offer a suite of payment acceptance services for financial institutions and value-added providers. Per the MOU, NETE will complete the deployment, launch and servicing of the payment processing center in exchange for 25% of issued and outstanding shares of Bank Sputnik. The bank will provide the capacity for the data center for deployment and use of software required for the execution of the program, as well as financial instruments for settlement of transactions and the required funding for the development and implementation. The joint venture is subject to approval of the shareholders of Bank Sputnik and the bank’s regulators, and the companies’ negotiating and entering into a binding definitive agreement. “This exciting partnership with Bank Sputnik will enable the companies to join forces to create a multi-channel payment processing center focused on value-added services,” Vlad Sadovskiy, president of integrated payments for Net Element, stated in the news release.

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