CALABASAS, Calif., May 27, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that it has acquired the assets of Rockville, Maryland-based Altvia Technologies. Founded in 2000, Altvia has enjoyed triple-digit growth for the last 30 months while establishing itself as a leading provider of technology solutions to a variety of high-growth vertical markets.
Altvia Technologies provides custom application development, database development, optimization, quality assurance, and testing to a variety of vertical markets including finance, education, entertainment, technology, telecommunications and not-for-profit organizations. Additionally, Altvia owns the intellectual property rights to a full suite of software technology solutions which include Knowledge Management, Content Management and Association Management. These products have been implemented in a number of customer locations.
Altvia's customer list includes such organizations as U.S. Lacrosse, International Republican Institute, American Association for Higher Education, Distance Learning Centre, Telecommunication Industry Association along with Emerging Markets Partnership and Golden Hill Entertainment.
"We are pleased to be joining the NetSol family," said Emaad Burki, Altvia's founder and CEO. "This association will provide Altvia and its customers access to a strong international infrastructure with a mature, off-shore development team for information technology services, custom application development, and support. This is particularly important as we target markets with sophisticated requirements. These markets include finance, education, entertainment, technology, telecommunications and not-for-profit."
"We have been extremely successful in the international marketplace," commented Naeem Ghauri, NetSol's CEO. "Our acquisition of Altvia will provide a cost effective method to expand and reintroduce our suite of software products and information technology services to similar markets here in the U.S. As we move forward we expect to implement a cross marketing program of our combined products to further penetrate target markets here and internationally."
Altvia's project management team brings years of disciplined experience in critical enterprise-wide applications. With 15 active customers, Altvia has proven its ability to provide a diverse set of software and services to meet its customers' most demanding technology needs.
According to NetSol CEO Naeem Ghauri the transaction will be accounted for as a purchase of assets and is being paid entirely in restricted shares of NetSol's common stock. Altvia's founder and CEO Emaad Burki will retain his position as CEO of the company and Altvia will become a subsidiary of NetSol Technologies, Inc. NetSol's East Coast office and Altvia are expected to jointly locate to a larger space to take advantage of cost reduction benefits.
About Altvia Technologies
Altvia Technologies provides custom application development, database development, optimization, quality assurance, and testing to a variety of vertical markets including finance, education, entertainment, technology, telecommunications and not-for-profit organizations. Additionally, Altvia provides a full suite of software technology solutions pertaining to knowledge management, content management and association systems. To learn more about Altvia's products and services please visit their website at www.altviatech.com.
About NetSol Technologies, Inc.
NetSol Technologies is a leading end-to-end solution provider for the lease and finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., 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 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." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. 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.