Net Element welcomes John Wiegand to its Board of Directors

– USA, FL –  Net Element, Inc. (NASDAQ: NETE), a global technology and value-added solutions group that supports electronic payments acceptance in a multichannel environment including point-of-sale, e-commerce and mobile devices, today announced that John Wiegand has joined its board of directors and will serve as the chairman of the compensation committee and a member of the Company’s audit, nominating and governance committees.

“We are pleased to welcome a new member with such strong credentials and deep understanding of the electronic payments industry,” commented Oleg Firer, Executive Chairman of Net Element. “John’s proven track record, knowledge and relationships in the electronic payments industry will be an asset to the company as we continue to execute our business plan.”

Mr. Weigand has replaced Drew Freeman, who resigned from the Board of Directors to pursue other interests. “The Company would like to thank Drew Freeman for his contribution in helping develop the company and we wish him the very best in his future endeavors,” added Oleg Firer, Executive Chairman of Net Element.

About John Wiegand

Mr. Weigand is an accomplished financial services executive with more than 20 years of merchant financing and electronic payments industry experience. Mr. Weigand is currently the CEO of Merchant Growth Capital, LLC, a firm specializing in financing payment service providers and small businesses. Prior to MGC, he was an officer and shareholder of Merchants Capital Access, LLC, which was acquired in 2014 by a private equity firm Angelo, Gordon and Co. Prior to his tenure with Merchant Capital Access, he was a founding director of Payment Express Systems which was acquired by Priority Payment Systems in 2012. Prior to that Mr. Weigand was vice president of CIT Group, Inc. Prior to joining CIT, he was a founder of a credit card terminal leasing company which was acquired by CIT Group, Inc. in 2002. Prior to founding that company, Mr. Weigand was an executive with several banks in the New Jersey and Pennsylvania area.

“I am very excited to be working with the Net Element team,” said John Weigand. “Net Element has created a technology stack of competitive value-added offerings around its proprietary Netevia payments acceptance ecosystem. I am excited to get started and contribute to the company’s growth and development in a meaningful way.”

He is a CPA with a BS in Accounting and an MBA in Finance from St. Joseph’s University in Philadelphia. Mr. Weigand also sits on the Board of Educational Impact, LLC, a leading provider of online video content for secondary education professional development.

About Net Element

Net Element, Inc. operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2018 Technology Fast 500. In 2017, Net Element was recognized by the South Florida Business Journal as one of 2016’s fastest-growing technology companies.

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Talent4Boards Team

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