Net Element (NETE) Merger Partner Mullen Technologies to Begin Construction of EV Pilot Facility, Starts SUV Pre-Orders on 10/01

Mullen Technologies, Inc., an emerging electric vehicle ("EV") manufacturer and technology company, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE), in a stock-for-stock reverse merger in which Mullen's stockholders will receive a majority of the outstanding stock in the post-merger company, today announces it will begin build-out of its pilot manufacturing facility and start taking pre-orders of its MX-05 fully electric SUV on Oct. 1, 2020.

Mullen Technologies' high voltage battery R&D center in Monrovia, California, begins its transformation into a state-of-the-art pilot facility for its line of fully electric SUVs on the first of October. The construction is slated for completion by April 2021 with the first MX-05 SUVs, each assembled in America by American workers, expected to be delivered to customers by the second quarter of 2022.

Mullen will begin taking pre-orders for the MX-05 model, at a base starting price of $55,000, on Oct. 1, 2020, through its website www.mullenusa.com or at any Mullen retail location in the U.S. Pre-orders continue as well for the Company’s Dragonfly K50, a limited production super sports car being imported under Independent Commercial Importers (“ICIs”).

The pilot facility will be used to assemble up to 1,000 MX-05 fully electric vehicles per year and subsequently for all other upcoming models such as the MX-07 and MX-03. The operation consists of general assembly, battery assembly, R&D facility and warehouse. Mullen expects to add up to 100 new employees to its manufacturing and logistics team in Monrovia, California.

"We are excited to begin the build-out of our pilot facility and pre-sales of our MX-05 SUV in October. We plan on completing the build-out by April 2021 and to begin assembly of certification prototypes by July 2021. These vehicles will be used for homologation which is expected to take 16 months and be completed by May of 2022, at which time we expect to begin delivering the first vehicles to the public," commented David Michery, chairman and CEO of Mullen Technologies Inc.

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