, a technology services provider and Internet publisher, and
SAT & Company
), a diversified metallurgical holding company with headquarters in Kazakhstan, today announced the appointment of Kenges Rakishev, a noted Kazakhstan business leader, to NETE’s board of directors following his acquisition of $32 million in NETE stock. Specifically, $2 million was invested into NETE in on February 24, and the remaining $30 million of shares was acquired from an existing shareholder on April 20.
Rakishev, chairman of the board of directors at SATC and an investor with multiple business interests worldwide, said he selected NETE because he recognized the potential of the company’s technological innovation and its pending patents for 3D provisioning and mobile app technologies.
“After evaluating numerous other tech investment opportunities, I was impressed with Net Element’s innovative 3D, mobile and multi-media technologies as well as the company’s momentous deal flow in emerging growth markets,” Rakishev said. “I’m excited to support Net Element’s continued innovation with a view to solidifying bigger and broader strategic alliances with the world’s leading tech players.”
Added Richard Lappenbusch, NETE’s president and chief operating officer: “We are honored and grateful to have Kenges Rakishev invest his time and resources into Net Element, and we are confident he will bring tremendous value on many levels to our board and our company. His international business leadership and relationships, combined with his extensive knowledge and unique perspectives of global business opportunities, will help further solidify our company’s continued expansion into new and emerging growth markets.”
NETE and the existing shareholder were represented by Bilzin Sumberg Baena Price & Axelrod.
About Net Element (OTCQB: NETE)
Net Element (OTCQB: NETE) is a global publisher of online destinations and business services on a custom technology platform for Internet and mobile distribution. This platform enables the rapid development, production and distribution of rich media content (HD & 3D), services (SaaS) and branded content in entertainment and news. NETE owns and publishes Internet properties and creates social and business communities in motorsports, music, film and entertainment. Its portfolio includes:
. For more information, visit
A photograph of Kenges Rakishev is available upon request. Interviews may be coordinated upon request.