Add after fourth sentence in the About Openfilm and Net Element section: Net Element was initially formed in 2004 as a spin-off from a subsidiary of Ener1, Inc., (NASDAQ: HEV).

The corrected release reads:

Verizon Rolls Out Openfilm for FiOS TV Subscribers, Giving On-Demand Access to High-Quality Independent Films

Verizon’s FiOS TV subscribers can now enjoy on-demand access to free high-quality, independent films from the comfort of their homes, thanks to the rollout of Openfilm, an online video technology and content delivery platform serving the indie film market. FiOS TV subscribers can browse and view selections from the diverse catalog of high-definition Openfilm productions now available on FiOS TV Video On Demand (VOD). Plus, they can also enjoy hours of new premium HD content that will be added every month.

Openfilm, operated by publisher and services provider Net Element ( OTCQB:NETE), is the leading digital venue for undiscovered, talented filmmakers to showcase their work. Its advisory board and shareholders list, comprised of industry leaders committed to identifying and cultivating aspiring filmmakers, includes James Caan, Scott Caan, Robert Duvall and Mark Rydell. James Caan is the advisory board’s chairman.

“Openfilm is excited to reach Verizon’s FiOS TV customers and deliver high-quality indie films hand-selected by our content editors from our vast catalog of more than 7,200 films,” said Dmitry Kozko, Openfilm’s CEO. “We strategically chose to work with Verizon FiOS because of its reach and influence as a leading supplier of independent film to its customers, which make this a compelling distribution channel for indie filmmakers. We expect that Verizon’s FiOS TV customers will love our unique films, and at the same time, our filmmakers will benefit from showcasing their work to these highly coveted audiences.”

Added Terry Denson, vice president of content strategy and acquisition for Verizon: “We are happy to work with Openfilm and provide our FiOS TV customers access to more unique on-demand content. Once again, we are offering programming that meets specific interests, which is part of the overall strategy that has made FiOS TV so successful.”

Verizon’s FiOS TV customers can easily access the Openfilm catalog simply by pressing the "VOD" or "On Demand" buttons on their remote controls, by using the menu on FiOS TV's Interactive Media Guide, or by selecting the VOD channel.

Openfilm’s premium HD content available to Verizon’s FiOS TV customers will include “ Reconnecting with Canada: The North,” a documentary following one team’s grueling journey motorcycling to the Canadian Arctic in the middle of winter. “Reconnecting with Canada” is currently in its second season and sponsored by such companies as BMW Group Canada, Fairmont Resort Hotels, Anton/Bauer, and Travel Alberta.

Openfilm is part of FiOS TV’s broad collection of programming, which offers more than 520 all-digital channels including up to 146 HD channels and more than 24,000 monthly video-on-demand titles. FiOS also provides next-generation interactive services including an advanced interactive media guide; social networking, news and entertainment widgets; remote DVR management via broadband or cell phone; and more. For the latest news, updates and information about FiOS TV, visit http://www.verizon.com/newscenter and http://www.verizon.com/athomeblog.

About Openfilm and Net Element

Openfilm, with headquarters in Miami, is an online video technology company dedicated to advancing the world of independent film by providing a platform for filmmakers to expand their careers and gain visibility and revenues for their work. Its advisory board and shareholders list, which includes Advisory Board Chairman James Caan, along with Scott Caan, Robert Duvall and Mark Rydell, is comprised of industry leaders helping Openfilm transform the way independent films are discovered, financed and distributed. Through its $500,000 “Get It Made” competition, which discovers and produces talent, the company is propelling the careers of independent filmmakers. Openfilm is one of several content-driven, vertically focused sites operated by Net Element ( OTCQB:NETE), a Miami-based publisher of digital destinations and services provider powered by a rich video services platform for commerce, HD and 3D formats. Net Element was initially formed in 2004 as a spin-off from a subsidiary of Ener1, Inc., (NASDAQ: HEV). For more information about Openfilm, visit http://www.openfilm.com/. More information about Net Element is available at http://www.netelement.com/.

Copyright Business Wire 2010