InvestorWire NewsRoom

InvestorNewsBreak

InvestorNewsBreaks – Net Element (NASDAQ: NETE) Announces Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 EVs
December 30, 2020

InvestorNewsBreaks – Net Element (NASDAQ: NETE) Announces Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 EVs

Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately held Mullen Technologies Inc. Mullen recently executed a nonbinding Letter of Intent (“LOI”) with Unlimited Electrical Contractors Corp (“UEC”), a premiere electrical contractor based in Pompano Beach, Florida. The LOI outlines agreements for the purchase of up to 10,000 of Mullen’s MX-05 electric vehicles (“EVs”), with an initial purchase order of 1,500 MX-05s, valued at an estimated $75 million. The LOI states that UEC may order an additional 8,500 vehicles by 2025.UEC is working toward being the first electrical contractor with an all-electric service fleet. The agreement is for a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame available in either a single or dual electric motor configuration. “We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business,” said Mullen Technologies CEO and Chairman David Michery in the press release. “UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use.”

To view the full press release, visit https://ibn.fm/QmrP3

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. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately held Mullen Technologies Inc., a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). The contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both 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

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork.

Recent NewsBreaks

NewsBreaks Categories

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).