MIAMI, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE) ("Net Element" or the "Company"), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries, today announced that it has entered into a Contribution Agreement (the "Contribution Agreement") with T1T Lab, LLC ("T1T Lab"), and T1T Group, LLC, pursuant to which the Company contributed to T1T Lab all of its membership and participation interests in its subsidiaries Openfilm, LLC, Motorsport, LLC, Splinex, LLC, LegalGuru, LLC and Music 1, LLC (collectively, the "Divested Subsidiaries"). The Divested Subsidiaries constitute all of the Company's interests in online media businesses and operations (collectively "Entertainment Assets"). The divestiture will allow Net Element to focus its efforts in mobile payments and value-added transactional technologies.
Net Element Announces Divestiture Of Its Non-Core Entertainment Assets
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