Sergey Khabarov, who has extensive experience as a founder and executive management member with successful technology companies, has been named General Director of Net Element-Russia, a Russian subsidiary of Net Element ( OTCQB: NETE). In this role, Khabarov will oversee business and product development, new business acquisitions and management of Russian operations. He will be based in Net Element’s Moscow office.

Khabarov has in-depth industry experience founding highly successful e-commerce and Internet start-up companies. Prior to his technology and entrepreneurial work, Khabarov worked in financial and risk management consulting for some of the world’s largest professional-services firms.

“Sergey’s experience in developing extremely successful e-commerce and web development projects, including overseeing team development, P&L management and facilitating successful monetization strategies and/or exits, make him an ideal fit for Net Element as we continue to execute our strategic plans,” said Dmitry Kozko, NETE’s executive vice president. “Sergey’s combined knowledge of the industry and the current technology landscape will be beneficial as he works to further grow Net Element’s mobile-commerce company, TOT Money, and new music portal, He will also be instrumental in the immediate commercialization of Net Element’s roster of IP technologies. We are happy to have Sergey join our team and are confident that his skills will help Net Element continue to grow.”

Prior to joining NETE, Khabarov worked as Business Development Director of Rocket Internet’s, an online sporting goods and sportswear retailer. He was also one of the first employees of Fast Lane Ventures, a Moscow-based early stage venture capital backer of Russian online start-up companies. At Fast Lane Ventures, Khabarov created the locally successful, an online dating service that acquired 600,000 registered Russian-speaking users during its first four months of operations. Khabarov also has experience in sales, business-development and risk consulting for global professional services firms including Marsh & McLennan Companies and PricewaterhouseCoopers.

“Net Element’s strategic growth plan, coupled with its focus on mobile commerce and growing portfolio of online properties, are especially attractive to me,” Khabarov said. “I look forward to leveraging my experience and connections to further accelerate the success of Net Element’s existing verticals and help the company expand through new business acquisitions. I am excited to work with the talented team in Russia and continue to help Net Element monetize its innovative technology and consumer portals.”

About Net Element (OTCQB:NETE)

Net Element ( OTCQB:NETE) is a global technology and publishing company that operates in mobile commerce and payment processing, as well as publishes popular Internet portals and destinations. Its international development centers and influential relationships in Russia and Commonwealth Independent States strategically position the company for growth in Russia and other emerging markets. Net Element owns and operates a mobile-commerce company, TOT Money, as well as several Internet properties that create social and business communities in the entertainment, music, motorsports and film industries. Net Element’s portfolio includes:;; and; and For more information, visit

Editor’s Notes: A photograph of Sergey Khabarov is available upon request Interviews may be coordinated upon request

Copyright Business Wire 2010