EMERYVILLE, CA--(Marketwire - March 23, 2009) - NetSol Technologies, Inc. "NetSol" (
NASDAQ:
NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business
services and enterprise application solutions to private and public sector
organizations worldwide, announced the launch of a global streamlining of
the company's operations and management restructuring initiative.
NetSol Technologies, Inc. streamlining and restructuring initiatives:
-- NetSol Technologies Europe (NTE) will merge operationally with NetSol
North America (NTNA); the combined organization will be led by Mitch Van
Wye, Chief Operating Officer, NetSol North America.
-- The NetSol Global Sales Group has been formed to oversee all business
development activities, under the leadership of Naeem Ghauri as the new
NetSol Head of Global Sales.
-- Boo Ali, NetSol Technologies Asia Pacific Region Senior Vice
President, Chief Financial Officer has been promoted to the role of NetSol
Technologies, Inc. group wide Chief Financial Officer to succeed Dan Lee.
-- Senior management salary reductions representing up to 33% of
compensation.
-- Following the final comprehensive review of the company's non-binding
letter of intent to acquire a majority stake in ID Interactive Holdings
Ltd., it was determined the capital investment necessary would be higher
than initial estimates. Based on this analysis, the company will not
pursue an investment in ID Interactive.
Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive
Officer, stated, "Following up on our recent announcement regarding
NetSol's comprehensive cost reduction program, today we have launched
further initiatives focused on organizational changes which will result in
a more effective and results driven global platform, while supporting our
focus on client delivery and execution. The company is repositioning its
best human resources internally to manage its corporate sales, compliance
and delivery to our customers worldwide. We are once again committed to
achieving profitability as soon as possible as we take these cost
rationalization steps."
Effective April 1, 2009, Boo Ali, NetSol Technologies Asia Pacific Region
Senior Vice President, Chief Financial Officer has been promoted to the
role of NetSol Technologies, Inc. group wide Chief Financial Officer,
succeeding Dan Lee. Boo Ali has been with NetSol Technologies, Ltd since
2004 as its Chief Financial Officer. With more than twelve years of
financial accounting experience, he is a chartered accountant. Prior to
joining NetSol Mr. Ali worked at the SECP from 2001 to 2004, and prior to
that held senior audit positions with Ford Rhodes Sidat Hyder & Co., a
chartered accountant firm and member firm of Ernst & Young International.
Boo Ali is a fellow member of the FPA and FICS as well as an associate
member of the ACA.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (
NASDAQ:
NTWK) (NASDAQ DUBAI: NTWK) is a
worldwide provider of global business services and enterprise application
solutions. Since its inception in 1995, NetSol has used its BestShoring™
practices and highly experienced resources in analysis, development,
quality assurance, and implementation to deliver high-quality,
cost-effective solutions. Specialized by industry, these product and
services offerings include credit and finance portfolio management systems,
hospital/healthcare information management systems (HIMS), SAP consulting
and services, custom development, systems integration, and technical
services for the global Financial, Healthcare, Insurance, Energy, and
Technology markets. NetSol's commitment to quality is demonstrated by its
achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering
Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a
distinction shared by fewer than 100 companies worldwide. NetSol
Technologies' clients include Fortune 500 manufacturers, global automakers,
financial institutions, utilities, technology providers, and government
agencies. Headquartered in Emeryville, California, NetSol Technologies has
operations and offices in Adelaide, Beijing, Bangkok, Lahore, and London.
To learn more about NetSol Technologies, Inc., visit
www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0
Forward Looking Statements
This press release may contain forward looking statements relating to the
development of the Company's products and services and future operation
results, including statements regarding the Company that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect,"
"anticipate," "intend," variations of such words, and similar expressions,
identify forward looking statements, but their absence does not mean that
the statement is not forward looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Factors that could affect the
Company's actual results include the progress and costs of the development
of products and services and the timing of the market acceptance.
Contact Information: Contacts:
Investor Relations
Christopher Chu
Grayling
Tel: +1-646-284-9426
Email: cchu@hfgcg.com