CALABASAS, Calif., June 3, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that its United Kingdom subsidiary, NetSol Technologies Ltd., has signed a fifteen-month contract with one of the world's largest financial institutions. The company has signed a confidentiality agreement with the client and therefore cannot disclose its name or the value of the contract.
Under the terms of the contract, NetSol will provide the client's regional information technology (IT) hub located in Bahrain with consultancy services in the areas of data processing, software development and systems implementation, for the client's treasury and e-commerce business.
"We are pleased to be selected by this prestigious international financial institution," said Rajeev Warrier, Director of NetSol Technologies Ltd. "Our selection as a preferred provider of software development services was based on the company's significant expertise in enhanced web-based technologies and domain knowledge in the Treasury and e-Commerce niche markets."
"This contract presents a significant opportunity for NetSol to establish itself within the region and duplicate its success within the client's regional IT hubs worldwide," said NetSol CEO Naeem Ghauri. "We have demonstrated our ability as a skilled strategic partner to cost-effectively deliver the highest quality of software and consulting services to a long list of prestigious clients."
About NetSol Technologies, Inc.
NetSol Technologies is a leading end-to-end solution provider for the lease and finance, banking and financial services industries. 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) certification.
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.