CALABASAS, Calif., July 23, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWKC), a developer of proprietary software applications, today announced that its United Kingdom subsidiary, NetSol Technologies Ltd., has signed an IT services contract with Habib Allied International Bank PLC of the United Kingdom.
Under the terms of the contract, NetSol will provide a variety of IT Services developed to implement a set of existing initiatives within Habib Allied International Bank that will increase process efficiency and reduce risk. Habib Allied International Bank is a subsidiary of Habib Bank Ltd, the largest commercial bank in Pakistan, which has a network of over 1,700 branches across 26 countries and five continents.
"We are pleased to be selected as Habib Allied's technology partner for this important initiative" said NetSol CEO Naeem Ghauri. "Every business and financial organization reviews its IT processes periodically and NetSol has extensive experience in identifying areas that can be made more efficient and productive. We will utilize our core competency to define and implement "best practices" for Habib Allied International."
"We have selected NetSol Technologies based on their knowledge of our industry and their reputation for delivering superior software solutions," commented Habib Allied CEO Nauman Dar. "The company's recent elevation to the rating of CMM Level 3 was an important contributory factor in choosing NetSol for this mission critical initiative for the bank and opens the door for future co-operation between the two organizations."
"Contracts with financial institutions such as Habib Allied International provide NetSol with significant opportunities to provide products and services to key business areas of other financial Institutions," continued 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 and are pleased to include Habib Allied International."
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.