Net Element And MegaFon Announce A Global Release Of Net Element’s Motorsport.com And Komissionka Mobile Apps

Net Element (OTCQB: NETE), a technology services provider and Internet publisher, and MegaFon today announced their intention to launch NETE’s Motorsport.com and Komissionka mobile phone apps in Russia.

The Motorsport.com app and the Komissionka app will first be introduced to the Russian marketplace on pre-loaded smartphones under MegaFon’s brand, marketed to MegaFon’s 62.9 million cell phone subscribers. Both apps will be released for free.

Motorsport.com, a NETE-owned and operated subsidiary, provides interactive multimedia experiences of race series through exclusive videos and photos, race standings, schedules, locations, race team profiles and other race content.

The Komissionka app, a Russian version of Net Element’s Yapik mobile app, currently available in selected U.S. markets, will enable users to buy, sell, barter or trade goods and services using geo-based technologies.

“Net Element’s partnership with MegaFon symbolizes our entry into the Russian marketplace where large-scale distribution reach matters, and more strategically positions our company in one of the world’s most rapidly growing economies,” said Dmitry Kozko, NETE’s executive vice president. “Net Element is constantly attempting to redefine online experiences with its innovative and exciting apps, as MegaFon continues to build its wireless network serving its subscribers with the most innovative features and services.”

Added Leonid Savkov, chief marketing officer of MegaLabs, 100% subsidiary of MegaFon JSC, “Our subscribers demand a wide variety of mobile applications for multiple uses, including accessing everything from entertainment to information, and they will appreciate the increased convenience of having applications combined and pre-loaded in one device. We expect that Net Element’s cutting-edge technologies and extensive experience in the international marketplace will enable us to offer our customers the most advanced services.”

ABOUT MEGAFON JSC

MegaFon JSC is a universal operator working in all the segments of the telecommunications market. The company is actively fighting mobile fraud and works to raise mobile literacy in the population. More than 62 million people throughout Russia have chosen the high quality of services and communications provided by MegaFon. Appreciating the trust of its customers, the company has become the only mobile operator to adopt more customer-oriented policies.

MegaFon is the first and only mobile operator to expand its network throughout the Russian Federation, as well as the first in the country to launch 3G for commercial operations. An active supporter of sports, MegaFon is the General partner of the XXII Olympic Winter Games 2014 and XI Paralympic Winter Games 2014 in Sochi, and the General partner and official mobile operator of the XXVII World Summer Universiade 2013 in Kazan.

MegaLabs, a 100% subsidiary of MegaFon JSC established in 2011, is a single center of innovations and operational launch of additional services provided by MegaFon. MegaLabs helps MegaFon gain leadership in markets adjacent to the operator (content and media, mobile finance, mobile advertising, cloud solutions, e-government, m-health and others). The new company is focused on speedy launch of innovative products and services to the market in the course of effective partnership with the renowned market players and ambitious young teams. At the same time, MegaLabs is a platform for experimental development performed by MegaFon.

ABOUT MOTORSPORT.COM

Motorsport.com is a wholly owned subsidiary of Net Element (OTCQB:NETE), and provides a digital distribution platform via its website and social media networks, of interactive multi-media coverage and experiences including F1, NASCAR, Le Mans and other major race series through exclusive HD and 3D videos and photos, race standings, schedules, locations, race team profiles and other unique content. For more information, visit www.Motorsport.com.

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: www.Motorsport.com; www.Openfilm.com; www.Music1.com; www.Yapik.com and www.ARLive.com. For more information, please visit  www.NetElement.com.

Copyright Business Wire 2010

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