New York, NY / ACCESSWIRE / September 2, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a quarterly update on Net Element, Inc. (NASDAQ: NETE) for Q2 2014.
Ajay Tandon, CEO of SeeThruEquity stated that "We continue to be impressed with NETE’s execution and remain confident about NETE’s growth potential over the next 2-3 years. On July 2, 2014, NETE announced the closing of a $10mn credit facility from the payments industry-leading lender, RBL Capital Group, LLC. NETE also continues to expand its board with the inclusion of industry veterans. After appointing Drew Freeman, an accomplished industry veteran with more than 30 years of electronic payments and merchant services industry experience in May 2014, the company added another industry veteran, William Healy to its board in July 2014. Our price target remains $3.47 per share."
Additional highlights of the quarter are as follows:
- Reports net income of $1.3mn or 4 cents per share. NETE reported its first ever net income in 2Q14 at $1.3mn or 4 cents per share, primarily resulting from gains related to MBF debt ($1.6mn), net effect from Cayman Invest note conversion of $562k, recovery of $353k in mobile operator penalties and a reduction in bad debt allowance of $1.6mn aggregator advances in mobile payment processing business.
- $10mn additional financing from RBL Capital. Additionally in July 2014, payments industry-leading lender RBL Capital agreed to extend NETE an additional credit facility under which it can borrow up to $10.0mn. This financing represents the second funding in the $30 million financing round that was announced in April 2014. We believe this new financing will allow NETE to accelerate its growth initiatives in Russia and other emerging markets.
The note is available here: NETE Update Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.
About Net Element, Inc.
Net Element, Inc. (NASDAQ: NETE) is a global financial technology-driven company specializing in mobile payments and transactional services in emerging countries and in the U.S. The company operates its business through its global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012, Aptito, a next generation cloud-based point of sale payments platform, and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia's second largest telecommunications operator. NETE has global development centers and high-level business relationships in the U.S., Russia and Commonwealth of Independent States. The company has U.S. headquarters in Miami, Florida and international headquarters in Moscow, Russia.
For more information, visit www.netelement.com.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.