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 letter of intent (“LOI”) with hofer powertrain GmbH. Under the collaboration, Mullen and hofer powertrain will partner in the development and manufacturing of electric drive systems and components for Mullen’s EV lineup, along with a high-performance powertrain for the DragonFLY, to deliver unprecedented performance in the market. hofer powertrain is a renowned Tier 1 engineering service provider and system supplier specialized in efficient powertrain solutions. As an established and independent partner of the automotive industry with an experienced team of experts specializing in the development, industrialization and production of powertrain systems, hofer powertrain has been providing technologies and products to companies around the world for more than 40 years. “hofer powertrain is a pioneer in providing efficient powertrain solutions, building some of the highest-performing and best-built drivetrains in the industry, which will give Mullen a competitive advantage over others. Their approach to quality and craftsmanship is well above other Tier 1 OEM suppliers,” said David Michery, CEO and chairman of Mullen. “We are very happy to be working with them and are looking forward to a successful partnership.”
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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, visitwww.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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