NEW YORK, MOSCOW & MIAMI--(BUSINESS WIRE)-- Net Element International (NASDAQ: NETE), a technology driven group in mobile commerce and payment processing, as well as in entertainment and culture Internet destinations in Russia and other emerging markets, today announced the company’s ticker symbol reverted back to NETE as of October 10, 2012.
In celebration of its October 3rd listing on the NASDAQ Capital Market, the company rang the NASDAQ opening bell on October 4th at the NASDAQ MarketSite in New York City.
“Net Element International’s listing on NASDAQ represents a significant chapter in our company’s history, and we are excited as we continue to move forward with the company’s immediate and long-term growth plans,” said Board Chairman Kenges Rakishev. “We are committed to bring significant and long term value to our shareholders.”
The company’s market cap was approximately $250 million based on the October 10 market close.
About Net Element International, Inc. (NASDAQ:NETE)
Net Element International (NASDAQ:NETE) is a technology driven group in mobile commerce and payment processing, as well as in entertainment and culture Internet destinations in Russia and other emerging markets. Its international technology development centers, extensive global network and high-level business relationships in Russia and the Commonwealth of Independent States strategically position the company for growth these markets and beyond. Net Element International owns and operates a mobile-commerce company, TOT Money, as well as several Internet properties that create social and business communities in the entertainment, music, motorsports and film industries. Net Element International’s portfolio includes: www.TOTmoney.ru; www.Motorsport.com; www.Openfilm.com; and www.Music1.ru; www.ARLive.com and www.Yapik.com. For more information, visit www.NetElement.com.
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. These forward-looking statements reflect Net Element International's (NEI) and its directors’ and management’s current beliefs, expectations or intentions regarding future events. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “will,” “become,” “achieve,” “execute,” “continue,” “may,” “could,” “should,” “expect,” “expected,” “proposed,” “contemplated,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, all statements and information regarding the intent, belief or current expectation of NEI and its directors and management. 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 NEI and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) the amount of cash available to NEI following the business combination being insufficient to allow NEI to achieve its business objectives; (ii) the future performance of NEI following the closing of the business combination; (iii) the impact of the business combination on the markets for NEI’s products and services; (iv) the employees of Cazador and Net Element not being combined and integrated successfully; (v) operating costs, unexpected transaction costs and actual or contingent liabilities; (vi) business disruption following the business combination, including adverse effects on employee retention and on NEI’s business relationships with third parties; (vii) the failure of NEI’s common stock to maintain its listing on The Nasdaq Capital Market; (viii) general business and economic conditions; and (ix) the performance of financial markets. 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 each of Cazador and Net Element with the U.S. Securities and Exchange Commission (the “SEC”), the definitive joint proxy statement/prospectus filed by Cazador and Net Element with the SEC and future reports and other filings by NEI with the SEC. NEI anticipates that subsequent events and developments may cause its views and expectations to change. NEI assumes no obligation, and it specifically disclaim 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.
Editor’s Notes: Interviews may be coordinated upon request
Photographs and videos of the opening bell-ringing ceremony at the NASDAQ MarketSite are available upon request
Source: Net Element International