SOURCE: NetSol Technologies, Inc.

August 03, 2006 11:13 ET

NetSol Technologies Announces Successful Deployment of End-to-End Funding System at Provident Inventory Finance

Company Deploys New Web-Based Business Originations, Fully Integrated With Back Office Portfolio Management and Accounting Operations

CALABASAS, CA -- (MARKET WIRE) -- August 3, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced that its wholly owned Burlingame, Calif.-based subsidiary, McCue Systems, has successfully designed and deployed a fully customized portfolio management solution at Sydney, Australia-based Provident Inventory Finance.

Provident Inventory Finance provides tailored funding options through brokers, or introducers, enabling them to offer this innovative form of cash flow finance, not offered by traditional lenders, that does not require real estate security or stock presales.

"We are very gratified to see our introducer network growing rapidly," commented Provident Inventory Finance Managing Director Matthew Nolan. "We asked McCue Systems to provide a business origination tool that would inter-operate seamlessly with our customer-facing website. They delivered an effective solution that meets our needs and, most importantly, the needs of our introducers."

Nolan added, "McCue further demonstrated its commitment to our success by minimizing our start-up costs and aligning our ongoing outlays with the growth of the business and our increased usage of the system."

NetSol's McCue Systems development team, working in concert with integration and ASP partner LeaseDimensions, developed and deployed a web-based originations tool designed to streamline deal acquisition and funding decisions for the organization's introducer network throughout Australia.

"The success of the Provident Inventory Finance solution is an excellent example of the ability of NetSol Technologies to leverage its asset finance expertise to deliver customized solutions globally," stated NetSol Technologies Chairman Najeeb Ghauri. "We look forward to supporting the continued success of Provident Inventory Finance."

About Provident Inventory Finance

Provident Inventory Finance Limited is a member of the successful Provident Capital Group of companies. Established in 1990 and wholly Australian owned, the Provident Capital Group manages a portfolio of AUD$250m. Provident Inventory Finance is a specialized lender providing short term loans to Australian businesses, facilitating their acquisition of inventory. Funding is provided on flexible terms to suit our clients and for amounts up to AUD$3m. Provident Inventory Finance's assists growing and profitable businesses that have seasonal buying needs, an opportunity to achieve supplier discounts or a need for additional working capital to expand. For more information, visit

About McCue Systems

With over 30 years of experience in developing business solutions for the equipment and vehicle leasing industry, McCue Systems Inc. is the leading provider of lease/loan portfolio management software for banks, leasing companies and manufacturers. Its flagship product, LeasePak, simplifies lease/loan administration and asset management by accurately tracking leases, loans and equipment from origination through end-of-term and disposition.

McCue Systems leads the leasing technology industry in the development of Web-enabled and Web-based tools to deliver superior customer service, reduce operating costs, streamline the lease management lifecycle, and support collaboration with origination channel and asset partners. For more information, visit

About NetSol Technologies, Inc.

NetSol Technologies is an 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 delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 4 assessment. For more information, visit NetSol Technologies' web site at

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, assumptions 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.

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