Mullen Technologies, an emerging electric vehicle manufacturer, which previously announced a definitive agreement to merge with Net Element (NASDAQ: NETE), today announced its entry into a definitive agreement with Tenglong Automotive, a subsidiary of CRRC Group, for manufacturing, distribution and retail sales of Class 1 and Class 2 EV Cargo Vans in the U.S. and Mexico. According to the update, the agreement provides Mullen with an effective solution for the fast-developing EV cargo van market and its existing EV fleet van orders. Mullen will homologate and assemble the vans at its Tunica, Mississippi- based Advanced Manufacturing and Engineering Facility (“AMEC”). “EV Cargo Vans are a natural segment for us and is a perfect fit for our Tunica AMEC facility,” said David Michery, CEO and chairman of Mullen. “This is also a win-win for us and our investors. We can begin to fulfill existing fleet orders in the first quarter of 2022, which will generate revenue and begin our manufacturing process in Tunica, Mississippi. We expect to hire a significant number of Americans for start of production at our AMEC facility.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small and medium enterprises (“SMEs”) in the U.S. and selected emerging markets. In the U.S., the company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel 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 2017 Technology Fast 500(TM). In 2017, it was recognized by South Florida Business Journal as one of 2016’s fastest-growing technology companies. For additional information, visit www.NetElement.com.
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