CALABASAS, Calif., August 26, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWCD), a developer of proprietary software applications, today announced that Humayun A. Mughal has accepted the position of chief executive officer of NetSol's subsidiary, NetSol-Akhter (formerly NetSolConnect (Pvt) Ltd.). On August 8, 2003, NetSol Technologies announced that the Akhter Group PLC had acquired 49.9 percent of NetSolConnect (Pvt) Ltd, an Internet Services Provider (IP).
"We are pleased to have Humayun, a technology leader and a business visionary, lead our new company, NetSol-Akhter Ltd.," said NetSol Technologies CEO Naeem Ghauri. "Under his guidance, we expect NetSol-Akhter to become a leading provider of broadband Internet access to both residential and commercial users within Pakistan's major business centers. The recent deregulation of the telecommunications industry offers a significant business opportunity to NetSol-Akhter as we can provide cost-effective Internet access to replace the current dial-up infrastructure."
"NetSol has retained a majority interest in NetSol-Akhter and will continue to consolidate the top line revenues from its subsidiary," continued Ghauri. "The expected revenue growth of NetSol-Akhter will directly benefit NetSol Technologies. And, with Humayun at the helm of NetSol-Akhter, we are now able to focus our energies on our core business."
"The forging of our recent partnership positions NetSol-Akhter as the only company within Pakistan that will be able to offer a full range of telecommunications products and services," commented Humayun Mughal. "Our years of telecommunications experience and technological advances will allow us to provide both business and residential customers within major Pakistani cities with affordable telecommunication services. Once our infrastructure is in place, we look forward to expanding our services to provide the much needed voice, data and multimedia broadband services throughout the country."
Prior to founding Akhter Computers Ltd. in 1982, Mughal worked with ITT Components Group in Harlow, England. His key projects included fiber optics and microprocessor-based distributed industrial control systems. In 1982, Mughal founded Akhter Computers, where he currently holds the position of CEO. The company began as a supplier of microprocessor-based personal computers and peripherals to the education and defense sectors. Today Akhter Computers is a leading supplier of information technology and communications products and services. The Ministry of Defense in the United Kingdom is one of the company's largest customers. Akhter, a private company, currently produces yearly revenues in excess of 25 million Pounds.
Mughal founded two additional companies in 1988. He is presently the CEO and founder of MicroSales Distribution Ltd., located in the United Kingdom. MicroSales is a broadband distribution company that is currently producing revenues of approximately 15 million Pounds. He is also the Managing Director of UK Limited. UK Ltd. was established to support polymer-based research at Liverpool University and is a holding company for intellectual property.
In addition to the three companies founded by Mughal, in 2000 he acquired the controlling interest in Ultima Networks PLC. When acquired, the company was losing approximately 5 million Pounds per year. Today, the company is profitable with net income of approximately 1 million Pounds.
Mughal holds a Physics BSc from Punjab University, Pakistan, an Applied Electronics BEng, with honors, from Liverpool University, United Kingdom, and has completed post graduate research pertaining to semiconductor devices and silicon dioxide properties at Liverpool University, United Kingdom.
About NetSol-Akhter Ltd.
NetSol-Akhter Ltd. is a partnership between NetSolConnect (Pvt.) Ltd., a subsidiary of NetSol Technologies, Inc. (Nasdaq:NTWCD), and United Kingdom-based Akhter Group PLC. Akhter is a recognized provider of a wide range of computer products and related services as well as wireless broadband communications services. These services include managed Internet services and integrated networks, such as local area networks, wide area networks and metropolitan area networks. NetSolConnect constructed and now operates one of the largest ISP networks in Karachi and Islamabad, Pakistan, with planned expansion in Lahore, Pakistan, and is a leader in advanced data communications services. For additional information, please visit www. NetSolAkhter.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., Europe, 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 3 assessment. For additional information, please visit www.netsoltek.com.
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.