The Mission Report

The MissionIR Report - October 2016

In-depth analysis, timely updates, latest market news


Market News

Company Updates


Wall Street Lower on Health Care Sell-off

U.S. stocks slid for a third straight day to close sharply lower by Tuesday afternoon. Some analysts attribute the selling pressure to concerns over a Democratic win in the upcoming presidential election, though both candidates mentioned lowering health care costs during Sunday's debate.

Weighted by sell-offs in health care and financials, the S&P 500 fell 26 points lower to 2,136.73, breaking through the 100-day moving average of 2138.53.

"I would say it is a three-pronged sell-off: strong dollar, higher rates, and a Dem sweep," John Spallanzani, chief macro strategist at GFI Group, told CNBC. "Biotechs and heath care are down the most on fears of a Democratic sweep."

Nasdaq also took a tumble, closing down 1.5% while the iShares Nasdaq Biotechnology ETF (IBB) dropped about 3.8%. The IBB was led lower by Illumina, Inc. (ILMN), which tanked nearly 25% after the company announced estimated third quarter revenue of approximately $607 million, a 10% increase compared to $550 million in the third quarter of 2015 and lower than the third quarter revenue guidance of $625 million to $630 million.

The Dow Jones Industrial average fell 200, led lower by UnitedHealth (NYSE: UNH), Goldman Sachs (NYSE: GS) and IBM (NYSE: IBM).

Robert Pavlik, chief market strategist at Boston Private Wealth, called the market "very short-term focused" as investors volley their options.

"This is a very crazy environment because people are just so unsure of what they want to do … You've got a rise in Treasury yields; you've got oil prices falling," he told CNBC. "You put that together with the dollar rising and Alcoa falling after earnings, and you get a sell-off."

The aluminum producer (NYSE: AA) reported weaker-than-expected quarterly results, posting EPS of $0.32 and revenues of $5.21 billion. Analysts polled by Reuters expected Alcoa to report EPS of $0.35 on sales of $5.31 billion. Alcoa shares fell more than 11% to close at $27.91. Shares trade in a 52-week range of $18.42-$34.50.

Meanwhile, the U.S. dollar rose 0.74% to its highest level since July 27 on increasing bets that the Federal Reserve will raise rates in December. Treasury yields also rose, with the two-year note yield near 0.86% and the benchmark 10-year note yield around 1.76%.

The Fed is scheduled to release the minutes from its September meeting on Wednesday.

"There have been a few developments that have been pretty risk averse that seem to be bubbling up," Gene Tannuzzo, portfolio manager at Columbia Threadneedle Investments, told CNBC. "There's a concern that central banks, not just the Fed, may be done easing. You put these things together and you get investors taking a step back, given the high valuations."

Though the Fed kept interest rates unchanged at its September meeting, it hinted at a hike before year-end. Bruce Bittles, chief investment strategist at Baird, earlier this week in a note said the odds of a December rate hike are 66%.

The strong dollar weighed U.S. crude futures, which fell 1.09% to $50.79 per barrel, pulling back from one-year highs hit during Monday's session on concerns that a production cut by OPEC may not be enough to counter supply.

"The [stock] market is looking at oil prices because Putin came out and talked about a supply cut and they want to see if that will actually happen," Quincy Krosby, market strategist at Prudential Financial, told CNBC.

OPEC, Key Producers to Discuss Six-month Oil Deal

OPEC today will meet with non-member oil producers - including Russia, Azerbaijan and possibly Mexico - to hammer out details of a global agreement to cap production for at least six months. Oil prices that have more than halved since mid-2014 amid increasing global supply.

"I can say that many countries from outside OPEC are willing to join ... we are not talking about support, we are talking about contribution," Saudi Energy Minister Khalid al-Falih told Reuters on Tuesday in Istanbul.

The meeting will take place at 1100 GMT on Wednesday on the sidelines of the World Energy Congress, according to OPEC minister, and any deal will initially be applied over a six-month period followed by review.

"We are confident that the other non-OPEC producers will join this (agreement) because it is in the benefit of all producers ... and also consumers," OPEC Secretary General Mohammed Barkindo said.

Eulogio Del Pino, the petroleum minister for Venezuela, said he favors a deal to extend for 12 months to include peak output periods of different oil producers.

Last month in Algiers, OPEC agreed modest oil output cuts with an end-goal to cut production to a range of 32.50-33.0 million barrels per day (bpd) from OPEC's current output of a record 33.6 million bpd.

The International Energy Agency (IEA) says global oil supply could more quickly fall in line with demand if OPEC and Russia agree to sharply cut production, though it is unclear how rapidly this might happen.

"Net, we find that an agreement to cut production, while increasingly likely, remains premature given the high supply uncertainty in 2017," Goldman Sachs said in a note, adding that such a deal would be "self-defeating if it were to target sustainably higher oil prices."

Oil has rallied than 13 percent in less than two weeks since OPEC proposed its first production curbs in eight years. Still, prices remain about half of mid-2014 highs above $100 a barrel.

Challenges of the deal stem from a 3 billion barrel global inventory and efforts by OPEC members Libya and Nigeria to increase production reduced by conflict.

Iran, OPEC's third largest member, had said it would not cut its supplies before it reached 4 million barrels per day, a level it had seen before international sanctions were imposed in 2012 and lifted in January this year.

Speaking at an energy conference in Istanbul, Russian Energy Minister Alexander Novak said that the world's top producer would maintain its current oil output unchanged under a deal. Russia pumped 11.1 million barrels per day in September.

Earlier this week, President Vladimir Putin said Moscow was ready to join the proposed cap on oil output by OPEC members, though Igor Sechin, Russia's most influential oil executive and the head of Kremlin energy champion Rosneft (ROSN.MM), said his company would not curb oil production.

Falih will not attend Wednesday's meeting, but is scheduled to meet his Russian counterpart for talks later this month in Riyadh, according to a statement by the Saudi energy ministry.

"The ministers emphasized that their two countries are committed to working together and with other producers, OPEC and non-OPEC, to help improve oil market fundamentals, which will benefit producers, consumers, the energy industry and the global economy," the statement said.

Dollar Hits 7-Month Peak on Fed Reserve Rate Hike Bets

The U.S. dollar surged to a seven-month high against a major currency basket on Tuesday on increasing bets that the Federal Reserve would raise interest rates in December. Over the past week, the British pound has lost more than 4 percent of its value against the dollar.

"Expectations for a December (U.S.) rate hike are running high," James Chen, head of research at in Bedminster, New Jersey, told Reuters. "A series of U.S. economic data releases at the end of this week, including retail sales, the producer price index and consumer sentiment, could help shape expectations and the dollar movement going forward."

In late trading the dollar index .DXY, which measures the greenback against six major currencies, rose 0.8% to 97.650 after hitting its highest since March. The euro fell to a more than two-month low against the dollar, and was last down 0.8% at $1.1054. Against the yen, the dollar slipped 0.3% to 103.38, but has gained 2% so far this month. The British pound, which has weakened for four straight sessions, slumped 1.8% to $1.2128.

Treasury Yields Climb to Four-Month Highs

Tuesday saw broad selling across all asset classes, including equities and commodities, and the result was a dip in U.S. Treasury prices that pushed yields to four-month highs. Many analysts suggested that the selloff could be attributed to a common risk-parity approach that typically divides risk across an investment portfolio. A common ratio used as part of this approach is 60 percent stock and 40 percent bond.

Among the biggest drops on Tuesday, the Dow Jones Industrial average lost more than 200 points, marking its largest drop in a month. Similarly, crude oil prices fell by more than one percent, closing at just over $50 a barrel. Guy LeBas, chief fixed income strategist at Janney Montgomery Scott, summed up the events in an interview with MarketWatch.

"There is approximately $500 billion tied to risk-parity strategies and when all of those funds start reducing risk, it results in a selloff across assets classes. Risk-parity funds also had a good [third] quarter," he stated.

Bonds also recorded a selloff, as the yield on the 10-year note rose by 2.7 basis points to 1.760 percent on Tuesday, marking its highest level since early June. According to LeBas, this can be partially attributed to the bond market pricing "a 70 percent probability of a [Federal Reserve] rate hike" occurring this year into its figures.

Overall, yields climbed to a near-term peak back in June and have been on the decline in recent weeks resulting from a cautious stance from the Fed and massive monetary stimulus from the European Central Bank. Yields bottomed out following the Brexit vote on June 23. Following the vote, however, concerns about the future of central banks' quantitative-easing programs have played a key role in stalling buying and driving yields skyward. Bond prices, of course, move in the opposite direction of yields.

Just last week, yields spiked after reports surfaced claiming that the European Central Bank had discussed tapering its stimulus program. Officials later denied those reports. In the meantime, central banks in Europe and Asia have been focused on acquiring assets such as bonds and stocks in an effort to minimize borrowing costs and drive increased asset prices. Still, a consensus that those efforts may be approaching an end is having an effect, pushing prices ever lower.

"If central banks step back from the market in terms of these asset purchases, and maintain these lower rates, then we'll certainly see a move higher in [market] rates," Larry Milstein, managing director of government and agency trading at R.W. Pressprich & Co., told MarketWatch.

It's worth noting that Tuesday's trading figures were bolstered in part by the closure of the bond market on Monday in observance of Columbus Day. Analysts suggest that Tuesday's results were likely due to traders playing catch-up in the spot market after Treasury futures dropped sharply on Monday.

Comcast Nailed with Historic FCC Fine

Comcast, accused by the FCC of charging its customers for services and equipment they didn't request, has been ordered to pay a $2.3 million civil penalty by the FCC, the largest fine the commission has ever levied against a cable operator. Comcast has also agreed to submit a compliance plan, which will be monitored by regulators for the next five years in an effort to ensure that the cable giant cleans up its act.

"It is basic that a cable bill should include charges only for services and equipment ordered by the customer -- nothing more and nothing less," Travis LeBlanc, chief of the FCC's Enforcement Bureau, said in a statement.

The FCC reportedly received more than 1,000 complaints from customers who claimed that Comcast billed them for extras, such as premium channels, cable boxes or DVRs, that they never ordered or approved. In many of these cases, the FCC states that the customers expressly told Comcast of the mistake, but were charged anyway. Related complaints involved the time and energy required to remove the unauthorized charges.

The FCC investigation that resulted in Tuesday's historic fine was originally launched nearly two years ago. With today's announcement, the probe is officially concluded.

For the next five years, Comcast will be required to adhere to a number of special rules as part of its compliance plan. These include sending notifications to customers whenever a new charge or service is added to their bill and giving customers the means to easily "block the addition of new services or equipment to their accounts," according to an FCC press release.

In addition to the fine, Comcast will be required to compensate or address any existing complaints from customers with disputed charges. Likewise, any account with disputed charges cannot be referred to collections or suspended based on those charges.

Comcast agreed to pay the fine, but didn't admit any guilt. In a statement issued Tuesday, the company attributed the complaints to poor customer service and human error, adding that the issue was not a "problematic policy or intentional wrongdoing." The cable giant went on to say that the issues were due to "isolated errors or customer confusion." Comcast's statement concluded by adding, "We agree those issues should be fixed and are pleased to put this behind us and proceed with these customer service-enhancing changes."

eXp World Holdings, Inc. (EXPI)

EXPI recently announced a new strategic relationship with Commissions Inc. (CINC) through which the real estate marketing and CRM leader will serve as eXp Realty's primary enterprise lead generation and CRM platform. This agreement spans the entirety of EXPI's brokerage division, which currently boasts approximately 1,800 agents across the United States and Canada. The new lead generation and CRM platform is expected to go live in early 2017, giving every eXp Realty agent a versatile consumer website that combines local MLS data, a comprehensive CRM platform designed to help agents manage clients throughout the process of buying or selling, and compatibility with three unique mobile apps. eXp Realty will be the only large brokerage firm offering its agents access to these CINC tools and resources at no additional cost.

"eXp Realty puts our agents and brokers first in every decision we make and we are continually looking for valuable partnerships which will deliver long term sustainable value to them," Jason Gesing, chief executive officer of eXp Realty, stated in a news release. "While there are plenty of lead-gen and CRM choices in the marketplace, there are only a handful of companies that provide best in class tools and systems and CINC is at the top of that list."

About eXp World Holdings, Inc.

eXp World Holdings, Inc. is the holding company for a number of businesses, most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™. eXp Realty is a full-service real estate brokerage offering 24/7 access to a suite of collaborative tools, training features and socialization channels designed to meet the unique needs of real estate brokers and agents. By creating a fully-immersive, cloud office environment for real estate professionals, eXp effectively reduces agents' overhead, increases their profits and provides greater service value to consumers.

Through eXp Realty's innovative platform, agents and brokers are afforded the opportunity to earn equity in exchange for production and contributions to company growth. Additionally, eXp features an aggressive revenue sharing program that pays agents a percentage of the gross commission income earned by fellow professionals they recruit into the company. The result is a shared ownership community featuring a synergistic and collaborative group of forward-thinking, entrepreneurial professionals. With the emergence of the internet as the most powerful property marketing and advertising medium, eXp's internet and cloud technologies have helped thousands of consumers find, buy or sell homes without the need for a brick and mortar real estate office.

Since its launch in October 2009, eXp Realty has experienced rapid growth, with brokerage service now offered in 35 U.S. states and Alberta, Canada. In February 2016, the company officially welcomed its 1,000th real estate professional into its family of agent-owners, up from just 467 agents at the end of 2014. Following this achievement, the Agent-Owned Cloud Brokerage claimed a spot among the top 50 real estate brokerages in the United States based on agent count, according to data from RISMEDIA's 2015 PowerBroker 500 Report.

Similarly, eXp Realty generated record financial results during 2015. Following the launch of two new initiatives – including an online lead generation program and a stock compensation plan – the company achieved a 71 percent year-over-year increase in net revenues, recording $22.87 million for the year. As it continues to expand its footprint across North America, eXp Realty will look to leverage its unique agent-owned business model to continue attracting driven, entrepreneurial agents and real estate industry leaders while promoting sustainable financial growth.

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Medical Transcription Billing, Corp. (MTBC)

MTBC recently announced the closing of its largest acquisition of revenue cycle management customer accounts and other assets since its 2014 IPO. The company, through its wholly-owned subsidiary, acquired substantially all of the assets of MediGain, LLC, a Texas-based medical billing company, and Millennium Practice Management, LLC, an affiliate medical billing firm operating out of New Jersey. In addition to immediately expanding MTBC's existing client base, the newly-completed acquisition is expected to have a significant impact on the company's revenue growth in the coming months, as well as its progress toward achieving positive Adjusted EBITDA by the end of Q1 2017.

"We are excited by the opportunity presented by this acquisition and privileged to be able to support the team members formerly with MediGain as they continue to provide world class practice management support to healthcare providers throughout the United States," Stephen Snyder, president of MTBC, stated in a news release. "We look forward to leveraging our combined team of professionals and proprietary technology to help healthcare providers further increase revenues and reduce operating costs."

About Medical Transcription Billing, Corp.

Medical Transcription Billing, Corp. (MTBC) is a healthcare information technology (IT) company that provides its fully integrated suite of proprietary web-based solutions and related business services to a diverse field of healthcare individuals and entities specializing in more than 63 areas and spanning 40 U.S. states.

The company went public in July 2014, at which time it also acquired three competitors. Since then, MTBC has steadily expanded its portfolio with seven additional acquisitions of competing healthcare IT companies, the most recent of which – and largest to-date - is Texas-based medical billing company, MediGain, LLC.

Today, MTBC is an award-winning company whose Software-as-a-Service (SaaS) platform helps healthcare providers increase revenues, fine tune their clinical and business decision making, reduce administrative burdens, streamline workflows, and reduce operating costs.

Its current products - electronic health records, practice management, patient engagement and the mHealth app – are fully integrated with core services that include medical billing services, value-added services, consultancy services, medical transcription, scribe services, and business intelligence. Notably, the standard fee for its comprehensive platform is calculated as a percentage of a practice's healthcare-related revenues, and is among the lowest in the industry.

MTBC is ranked among the Deloitte Technology Fast 500 (2009, 2010, 2011, 2012), is a Microsoft® Certified Partner, and has been awarded the Surescripts® White Coat of Quality, while its mHealth app – available for smartphone and tablet devices - is ranked No. 1 on Apple Store and Google Play as the most downloaded app for ICD 9 to ICD 10 conversion.

As a reputable IT provider for the healthcare industry, MTBC has built a client base of thousands of doctors. As a way of thanking them for their loyalty, MTBC recently launched its Client Loyalty Program in which it is awarding 100 shares of its publicly traded common stock to its providers and 1,000 shares for referring other physician practices. New MTBC clients are also eligible to participate and receive awards.

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Monaker Group, Inc. (MKGI)

MKGI recently announced an expansion of its initial agreement with that will make Monaker the exclusive provider of travel services to the global recruiting firm. The new agreement includes weekly marketing access for select Monaker travel products and services to Recruiter's extensive contact database, which features more than three million customers largely consisting of senior corporate executives. By offering its travel products and services, including its alternative lodging inventory, to these customers for short term business travel and temporary relocation, Monaker expects to gain meaningful exposure to decision makers at over one million companies operating worldwide.

"Broadening the agreement with provides Monaker a great marketing tool for awareness of our platforms, inventory and travel products," Bill Kerby, chairman and chief executive officer of Monaker, stated in a news release. "This allows us a means to communicate and access key decision makers with our relevant and real-time alternative lodging solutions and services for business and vacation travel."

About Monaker Group, Inc.

Monaker Group, Inc. (MKGI) is a technology driven travel company focused on leveraging resources to become a significant presence in the fastest growing sector of the $1.3 trillion travel and tourism market. The company's flagship brand,, is the industry's first and only real-time booking engine that features alternative lodging (vacation home rentals, resort residences and unused timeshare inventory), as well as a full selection of airlines, hotels, cruises, rental cars, tours and concierge services. These features are combined into a single, easy-to-use platform that gives travelers complete real-time control when planning and booking their vacations. takes an integrated approach to the needs of travelers by combining multiple booking solutions into a highly intuitive real-time booking platform. Since its launch in February 2016, NextTrip has already grown to more than 250,000 units of vacation rental inventory. Monaker currently has roughly 1 million additional alternative lodging units under contract that will soon be added to the platform. This will place NextTrip among the top three largest vacation rental inventories and rival industry peers, Airbnb and HomeAway, in the rapidly expanding alternative lodging market. Unlike the competition, which book by request which can take hours or days before a lodging owner confirms, NextTrip's platform books in real-time, similar to online hotel bookings.

Most NextTrip listings are in desirable locations in the U.S., the EU and the Caribbean with about 20% exclusive listings. Monaker expects rapid exclusive listing growth because, unlike the competition, Monaker doesn't charge a sign-up fee, just a commission upon booking. The competition charges both. Monaker even has a proprietary solution to unlock Timeshare and Fractional Share properties as rental inventory.

Through strategic partnerships and acquisitions Monaker is now positioned to be a major player in the travel and alternative lodging sector. In addition Monaker is also the parent to Maupintour and Voyage TV.

In business for 65 years, Maupintour still leads the tour industry in the creation of outstanding, unique itineraries and has the highest repeat rate in the tour industry. Maupintour's upscale luxury services create a unique blend with the various product offerings of NextTrip. Voyage TV has thousands of hours of travel footage shot in over 30 countries worldwide. These 15,000 video clips of hotels, resorts, cruise, and destination activities are a treasure trove for vacation travel marketing.

With an established portfolio of travel brands, and a proven record acquiring, consolidating and integrating companies, Monaker is building a diverse and exciting foundation to drive the company's future. According to data from the U.S. Travel Association, direct spending on leisure travel by domestic and international travelers topped $650 billion in 2015. When combined with the fact that roughly 64 percent of travel companies are still considered small businesses, Monaker's all-inclusive approach to vacation booking through NextTrip and Maupintour strategically positions it for sustainable growth moving forward.

Monaker is headquartered in South Florida with offices in California. The company is led by a seasoned management team with decades of applicable industry experience. Monaker's Chairman and Chief Executive Officer Bill Kerby has over 18 years of experience in the media and travel industries, as well as 10 years of experience in the financial industry.

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Moxian, Inc. (MOXC)

There are numerous metrics that help businesses measure the success of their social media advertising, including ways to monitor click through rates, costs per click, likes, shares, frequency, and relevance. A highly effective campaign, however, acknowledges that it is essential to focus on the metrics that are most pertinent to a specific ad and the desired outcome for that ad.

Moxian, Inc. (MOXC) operates under this acknowledgement, offering social media marketing and promotion platforms designed to help merchants accelerate and advertise their business growth through social media. The company has two apps: Moxian+ User and Moxian+ Business. The company's business app offers merchants a wide range of options, from setting up a store on the Moxian platform to pushing promotions through the platform and obtaining customized reports for their stores. The user app introduces consumers to the platform and includes social networking capabilities, a game center and a redemption center based on Moxian's proprietary virtual currency, MO-Points and MO-Coin, which can be earned by playing games and then used to redeem prizes from merchants or Moxian.

About Moxian, Inc.

Moxian, Inc. engages in the business of providing social marketing and promotion platforms designed to help merchants accelerate and advertise their business growth through social media. These products and services enable merchants to run targeted advertising campaigns and promotions, and aim to enhance the interaction between users and merchant clients by using consumer behavior data compiled from the Moxian database of user activities. The company has two primary core products: Moxian+ User App and Moxian+ Business App.

Developed in Shenzhen, China, Moxian integrates social media, entertainment and business intelligence. The Multi-Channel Social Commerce Platform, which includes a variety of tools such as Moxian's proprietary Social Customer Relationship Management (SCRM) system, generates knowledgeable data for merchants. This way, consumers and businesses are able to connect and interact with one another to achieve the concept of "online lifestyle, offline fun."

Moxian+ User App serves as an App driven for consumer users to use the platform, consisting of our proprietary virtual currency (MO-Coin and MO-Points), social networking, redemption centre and game centre. Users can earn MO-Coins by playing games, and then use those coins to redeem prizes sponsored by Moxian and client merchants. This model not only drives registered consumers to Moxian and merchant, but also provides merchants the opportunity to advertise, run marketing campaigns, and learn about their customers through the Platform.

Moxian+ Business App is an independent App with built in Social Customer Relationship Management tool built for merchants. Merchants are able to set up a store on the Moxian platform through this business App, push promotions via a variety of methods offered on the platform and look at generated report customized to their own shop.

Moxian's management team has more than 100 years of combined experience in a variety of pertinent endeavors, including management of private and public enterprise, multi-national organizations, quality, engineering and procurement, finance, marketing, communication and more.

Together, Moxian's management team is effecting the company's aim to create and lead a personalized social network platform that best fits users and businesses.

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Net Element, Inc. (NETE)

NETE, through wholly-owned subsidiary PayOnline, recently announced an agreement with ExLine, Kazakhstan's market leader in courier services, that will enable online payment acceptance for more than 50,000 of ExLine's customers. As part of the agreement, PayOnline has implemented a custom payment solution designed to simplify secure online payment acceptance, and the company will be providing 24/7 customer support to ExLine customers through its support center. The ExLine deal came just weeks after PayOnline inked an agreement with Dunkin' Donuts to enable payment acceptance for online ordering at the chain's locations in Russia. Through these agreements and others, the company will look to build on its recent growth in transaction volume, which was up 32 percent year-over-year during the first seven months of 2016.

"We are pleased with our continued growth and further penetration into emerging markets," Oleg Firer, chief executive officer of Net Element, stated in a news release. "Our growth is facilitated by our innovative, customer-focused products and services and delivered by teams of outstanding people. We are hopeful that this trend will continue for the remainder of 2016 and beyond."

About Net Element, Inc.

Net Element, Inc. operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises in the United States and select emerging markets. Leveraging a network of subsidiaries operating in the mobile payments and value-added transactional services space – including Unified Payments, Aptito and PayOnline – Net Element is committed to promoting consistent and strong growth, as illustrated by its position as one of the South Florida Business Journal's 'Top 25 Fastest-Growing Technology Companies'. In the first seven months of 2016 alone, the company realized a 77 percent year-over-year increase in transactional processing volume when discounting the effects of foreign currency exchange.

A major contributor to this sustained growth has been Net Element's PayOnline subsidiary, which offers state-of-the-art payment technologies that are currently employed by more than 3,000 online enterprises across Europe and Asia. To bolster this position, the company has continued to expand its presence in Central Asia, most recently through the opening of a new office in Kazakhstan, the largest country in the region. Since its first anchor project in Kazakhstan in June 2015, PayOnline has entered agreements with more than 180 online merchants in Central Asia, and the region is expected to offer an opportunity for tremendous growth in the coming years as the proliferation of electronic commerce takes hold.

The growth of PayOnline throughout Eurasia has been accompanied by both awards and industry recognition. Independent analytical agency Markswebb Rank & Report ranked PayOnline as a top five payment acceptance company in its 2016 Internet Acquiring Rank report, and a second analytical agency,, ranked PayOnline as a leading payment gateway in its 2016 Payment Systems Rating. The company's management team attributes this success to PayOnline's "innovative, customer-focused products and services."

Net Element is led by a seasoned management team offering a unique blend of leadership, vision, experience and creative energy. Oleg Firer, the company's chief executive officer, formerly served as the executive chairman of Unified Payments up until its acquisition by Net Element's TOT Group in April 2013. Under his guidance, Unified Payments achieved rapid growth, earning the top spot on Inc. Magazine's list of fastest-growing companies in 2012. As a result, Firer was recognized by Forbes as one of the 'Five Incredible Entrepreneurs' and by Business Leader Magazine as a 'Top Entrepreneur in South Florida'.

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