Net Element (OTCQB:NETE), a publisher of digital destinations and Internet services provider, today announced that it has acquired vDream Inc., a privately held social gaming company based in Oakland, CA, in a stock and cash transaction. vDream, which received an initial seed investment from Facebook, offers car enthusiasts a unique application to build, customize and race their own cars within a competitive social community. It is currently accessible through such sites as Facebook, MySpace and Bebo.

Net Element will integrate the vDream services and technologies into Motorsport.com, which already offers race fans the latest rich-media content and video.

“The vDream acquisition reinforces Net Element’s commitment to the motorsport industry,” said Richard Lappenbusch, NETE’s president and COO. “This social game already has an incredibly loyal and growing community of car and motorsport fans. Leveraging vDream’s deep social gaming services will further differentiate Motorsport.com in the marketplace.”

During the next 18 months, vDream employees will work as consultants with members of the NETE team to ensure a seamless transition while NETE manages and operates the site and its games across all gaming platforms. All balances of vDream currency, known as “vDollars,” will be honored, and all players will retain their current balances and previous purchases.

The vDream team expressed excitement about the acquisition, saying it will benefit the interests of both companies. "vDream and Motorsport.com have very well-aligned visions and are a great fit,” said Lijen Tan, vDream’s CEO. “Current vDream users will be very excited with what Motorsport.com has to offer, and vDream will be able to better serve its amazing community of car enthusiasts with the opportunities for new content and features that Motorsport.com brings to the table."

Naveen Jain, vDream’s CFO, echoed Tan’s words. “It is a huge win for current users of both sites, and we're very excited to be a part of the Net Element family,” Jain said. “We believe strongly in Net Element's vision and look forward to expose the vDream users to the wealth of high-quality content to Motorsport.com while bringing a new and unique opportunity for user engagement to Motorsport.com.”

About Net Element

Net Element (OTCQB:NETE) is a publisher of digital destinations and services provider powered by a rich video services platform for commerce, HD and 3D formats. The platform supports a network of content-driven, vertically focused applications for consumer, professional and business marketplaces. The company, with headquarters in Miami and an international product development team, develops and acquires technology and applications for use in the online media industry and currently operates in varied industries including motorsport, music, and film and entertainment. For more information, visit www.netelement.com.

Copyright Business Wire 2010