Net Element International (NASDAQ: NETE) reported it has entered into a contribution agreement with T1T Lab, LLC (T1T Lab), and T1T Group, LLC where the company contributed to T1T Lab all of its membership and participation interests in its subsidiaries Openfilm, LLC, Motorsport, LLC, Splinex, LLC, LegalGuru, LLC and Music 1, LLC.
The divested subsidiaries constitute all of the company´s interests in online media businesses and operations. The divestiture will allow Net Element to focus its efforts in mobile payments and value-added transactional technologies.
CEO Oleg Firer said, “The divestiture of these non-core assets will allow us to be a more focused and concentrated company. We are well-positioned for continued growth and innovation in the mobile payments and value-added transactional business and will unite our energy and resources on the central, strategic components of our business in order to drive further innovation.”
Net Element International is a global technology-driven group specializing in mobile payments and value-added transactional services. The company has US headquarters in Miami and international headquarters in Moscow. More information is available at www.netelement.com.