– USA; FL – Net Element, Inc. (NASDAQ: NETE), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States, announced today that Drew Freeman has been appointed to the Net Element’s Board of Directors, effective immediately, and will serve on the Board’s Audit Committee.
Mr. Freeman is replacing Felix Vulis as an independent director of Net Element; Mr. Vulis resigned effective May 21, 2014. Mr. Vulis served on the Board of Directors of the Company since October 2012 and resigned due to personal reasons. There was no disagreement with the Board of Directors or the Company’s management, with respect to Mr. Vulis’ departure.
Mr. Freeman is an accomplished industry veteran with more than 30 years of electronic payments and merchant services industry experience. His experience includes extensive work with agent banks, referral banks, direct sales, software integration, internet sales, dining programs, American Express, Diners Club, Discover Card, JCB and ISO/MSP programs. Mr. Freeman is currently the President of Freeman Consulting, Inc., a payments consulting firm that works with private equity groups and independent sales organizations. Prior to that, Mr. Freeman served as President of Merchant Data Systems from 2009 to 2013, Group Executive at Chase Paymentech from 2006 to 2007, and Executive Vice President at JP Morgan Chase-First Data JV (Chase Merchant Services) from 2000 to 2006. Mr. Freeman earned a bachelor of business administration degree from the University of Miami.
“I am pleased to have Drew join our Board of Directors,” Oleg Firer, CEO of Net Element commented. “Mr. Freeman will add value with his considerable experience and knowledge in the electronic payments industry.”
Mr. Freeman commented, “I am honored to join Net Element’s Board of Directors and look forward to helping the Company in its growth and expansion.”
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 international headquarters in Moscow.
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