GreenCarNewsBreaks – Net Element, Inc.’s (NASDAQ: NETE) Pending Merger Partner Enters LOI for EV Assembly, EV Battery Production Facility in Spokane

Aug 4, 2020

Mullen Technologies, Inc., a Southern California-based electric vehicle (“EV”) company that recently entered an agreement to merge with global technology and value-added solutions group Net Element (NASDAQ: NETE), today announced the extension of its letter of intent (“LOI”) with S3R3 Solutions to assemble EVs and manufacture EV batteries in Spokane, Washington. Mullen’s plan to use the 1.3 million square feet of assembly, manufacturing and research and development facilities in the West Plains is comprised of two phases. First, Mullen’s plans to use an initial facility of 500,000 square feet to start the assembly of electric vehicles and development of its battery packs, before expanding into an additional 800,000 square feet as its battery production increases. The proposed site would be leased by Spokane International Airport to S3R3, which would finance and build the facility using a revenue bond. Mullen anticipates meeting the conditions of the LOI by late 2020, with work on the site to begin as early as September (http://nnw.fm/QXTKt). This is great news for the area, as the facility could employ up to 4,000 people in coming years. “What I’m most excited about is putting Americans back to work in America, plain and simple,” Mullen Technologies CEO David Michery stated in the news release. “Imagine what’s possible, making the impossible becomes possible.”

To view the full press release, visit http://nnw.fm/Fd9GH

About Net Element

Net Element, Inc. operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) 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. Further information is available at www.NetElement.com.

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