ORLANDO, Fla., June 7, 2010 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has initiated coverage on NetSol Technologies Inc. (Nasdaq:NTWK) (Nasdaq Dubai:NTWK), a developer and implementer of global business services and enterprise application solutions.
Bill Matson, CFA, RedChip Research Analyst, reported:
"NetSol's global footprint, low labor costs, proven quality, and software with the ability to consolidate an unprecedented variety of global IT functions in one location for credit-based businesses have allowed the Company to build a diversified blue chip client base."
"While approximately 60% of NetSol's revenues are currently derived from its NetSol Financial Suite™, it must be noted that the Company is involved in varying degrees with several initiatives that could ultimately surpass the scale of its business with credit-based businesses. These opportunities include defense, health care, land records management, property and casualty insurance, and SAP-compatible software."
Matson continued: "Trading close to its GAAP book value and at what we believe is an unreasonably low 6.3x projected fiscal 2011 earnings, we are initiating coverage of NTWK with a Strong Buy rating and a price target of $3.00."
To receive a complimentary copy of the RedChip Visibility Initial Research Report for NTWK, please visit: http://www.redchip.com/about/aboutmain.asp?rid=252">http://www.redchip.com/about/aboutmain.asp?rid=252
To learn more about NetSol Technologies Inc. visit http://www.redchip.com/visibility/investor.asp?symbol=NTWK
About NetSol Technologies Inc.
NetSol Technologies, Inc. is a worldwide provider of global IT and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) 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, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, 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 Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm headquartered in Orlando, Florida; with affiliate offices in Beijing, China; Paris, France; and Seoul, Korea. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research™, Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Small-Cap TV™, Shareholder Intelligence, Social Media and Blogging Services, Webcasts, and RedChip Radio™. To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. NetSol Technologies Inc. ("NTWK") is a client of RedChip Companies, Inc. and of RedChip Visibility, a division of RedChip Companies. NetSol Technologies Inc. has agreed to pay RedChip Companies, Inc. thirty six thousand dollars in cash for twelve months of RedChip Visibility Program services, which includes the preparation of the equity research report(s). The equity research report(s) are prepared for informational purposes only and are paid for by the company portrayed in the report. The equity research report(s) are not a recommendation of a solicitation to purchase or sell any security, nor do they constitute investment advice. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help companies communicate their investment characteristics. These services may include investor conferences, digital and print distribution of NTWK investor-related materials or services, and radio programming. NTWK agreed to pay RedChip Companies, Inc. a monthly fee of eight thousand dollars in cash and one hundred thousand shares of Rule 144 stock for twelve months of these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.