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NetworkNewsBreaks – Net Element Inc. (NASDAQ: NETE) Post-Merger Company Notes $60M LOA with Height Dispensary for 1,200 Mullen Vans

Company: Net Element Inc. (NETE)
Category: News

Net Element’s (NASDAQ: NETE) post-merger company, Mullen Technologies Inc., has entered into a letter of agreement with Height Dispensary LTD to purchase 1,200 Mullen ONE electric vans, an agreement worth an estimated $60 millon; the LOA also noted that Height has selected Mullen as its exclusive provider for electric vehicles (“EVs”). Net Element is a financial technology company in the process of becoming a pure-play electric vehicle manufacturer through a pending definitive agreement with privately held Mullen Automotive Inc., an emerging electric vehicle manufacturer. Texas-based Heights specializes in high-quality legal CBD and THC products online with plans to open a retail cannabis dispensary. The first 200 Mullen ONE vans are slated for delivery on or before the end of Q3 2023, with the additional 1,000 vehicles purchased by Q2 2025. The Mullen ONE EV Cargo Van vehicles are a modified version of the Mullen FIVE, an electric crossover SUV based on a skateboard EV platform and unibody frame. “We’re very excited that Heights Dispensary has selected Mullen to satisfy all its electric vehicle needs,” said Mullen Technologies CEO and chairman David Michery in the press release. “The Heights order is the second, among many other companies we are currently working on, to select Mullen as their EV provider. The FIVE skateboard platform allows us to configure and offer the vehicle for many different types of commercial trade uses.”

To view the full press release, visit https://nnw.fm/udPLq

About Net Element Inc.

Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States and selected emerging markets. In the United States, 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) and by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies.

For additional information about the company, visit www.NetElement.com.

NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://nnw.fm/NETE

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