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Net Element Announces Filing of Preliminary Proxy Statement for Reverse Stock Split

MIAMI, FL--(Marketwired - Oct 8, 2015) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, announced today that it will hold a special meeting of stockholders to approve amendments to the Company's certificate of incorporation, which would effect a reverse stock split of the Company's common stock at a ratio of between 1 for 20 and 1 for 30, inclusive, which ratio will be selected at the sole discretion of the Company's board of directors and to approve the issuance by the Company of restricted shares of common stock issuable pursuant to the terms of the Insider Financing agreement dated September 11, 2015.

The reverse stock split and the Insider Financing agreement are subject to the approval of Net Element's shareholders. The Company filed a preliminary proxy statement with the SEC today for a special meeting of shareholders at which time the above referenced approvals will be sought. The date and other details of the special meeting will be communicated to shareholders at a later date. The Company currently expects to complete the reverse split by the end of the fourth quarter of 2015.

"Our intent is to continue to trade on the NASDAQ Capital Market," said Oleg Firer, CEO of Net Element. "To that end and after careful evaluation of our options, we have decided to pursue a reverse stock split to regain compliance with the minimum bid price requirement of the NASDAQ Capital Market. In addition to our goal of sustaining our NASDAQ listing, we believe a higher share price resulting from a reverse stock split could help broaden our shareholder base by increasing the number of potential long-term investors."

Stockholders and investors are urged to read the Company's Preliminary Proxy Statement that is being filed today in preliminary form with the SEC in connection with the proposed amendments to the certificate of incorporation and the reverse stock split. These materials contain important information regarding the reverse stock split and may be obtained from the SEC's Internet website at http://www.sec.gov. A copy of the Preliminary Proxy Statement may also be obtained from Net Element through its investor relations section of the website.

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