CALABASAS, Calif., May 6, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, announced today that it has retained the investment banking group of New York-based Maxim Group, LLC as its exclusive financial advisor. Maxim will assist the Company in the development and execution of financial and corporate strategies to further maximize shareholder value including its expansion goals via a selective and accretive mergers and acquisitions program.
"Our strategic business plan incorporates a variety of components including organic growth through brand recognition, expanded sales activities and account penetration," said NetSol Technologies Chairman Najeeb U. Ghauri. "Additionally, management believes that by the acquisition of profitable software companies or established product lines, NetSol may grow more quickly by adding depth to its current product offering as well as expanding its reach into complementary markets. As such, we have engaged the Maxim Group as our strategic partner to assist in achieving our goals. We believe Maxim's financial expertise and strong presence in a variety of U.S. and international industries will be invaluable as we execute our business plan."
"We believe NetSol's management team has proven its abilities and commitment in a difficult business environment and we see tremendous opportunities to leverage their unique offshore model for software services," said Anthony J. Sarkis, Director of Investment Banking at Maxim. "We anticipate that our partnership will allow management to further develop current growth initiatives both organically and through selected accretive acquisitions."
Maxim Group, LLC
Maxim is a full service investment-banking firm headquartered in New York. Maxim provides a full array of financial services including investment banking, retail brokerage, institutional fixed-income and option trading as well as research and global institutional sales. Current assets under management at Maxim are over $4 billion. Maxim's investment banking group focuses on middle market and emerging growth companies within the energy, healthcare, technology, retail and business services sectors.
NetSol Technologies, Inc.
NetSol Technologies is a leading end-to-end solution provider for the lease and finance Industry. LeaseSoft is the culmination of more than six years of effort involving domain experts, developers, project managers and end users. The result is a product that covers the complete gambit of lease and finance activities. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., U.K., East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol has been delivering high quality, cost effective IT services ranging from consulting and application development to systems integration and outsourcing for many years. Their commitment to quality is demonstrated by achieving both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 2 assessment.
Securities Exchange Act of 1934
This release is comprised of inter-related information that must be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption or future events or performance, are not statements of historical fact and may be "forward-looking statements". Such statements reflect the current views of NetSol Technologies with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. NetSol Technologies does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.