CALABASAS, CA--(Marketwire - December 8, 2009) - NetSol Technologies, Inc. "NetSol" (
NASDAQ:
NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business
services and enterprise application solutions to private and public sector
organizations worldwide, today announced that it has started the process to
form a wholly owned subsidiary in China. To date, NetSol has been operating
from its representative office in Beijing.
Mr. Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive
Officer commented, "Netsol enjoys a leading market position in the Chinese
captive asset finance software space and is benefiting from a robust
pipeline. The positive impact of Chinese economic growth, government
economic stimulus policies and ten consecutive years of double-digit
increases in disposable incomes are driving higher levels of demand for our
automotive and consumer finance software solutions. A fully owned China
subsidiary will further exhibit our ongoing commitment to our clients and
opens up new possibilities for marketing additional services. We expect to
grow our China specific revenue to nearly 25% of total revenue in fiscal
2010.
"NetSol has grown its China business completely organically and has
recently secured its ninth Chinese customer, the highest number for NetSol
in any country in the APAC region. China is a key driver for NetSol and we
have now put into place a business plan aimed at aggressively expanding our
products and services offerings in the country," concluded Mr. Ghauri.
In addition to the company's core NetSol Financial Suite solutions, NetSol
plans to offer the following additional services into the local market
through a new Chinese Delivery Center:
-- Bespoke software development through its Global Business Services
Division
-- SAP consultancy and integration
-- Smart OCI - NetSol's cross catalogue search engine for SAP SRM and
procurement
-- Information security through its ISO 27001 accredited practice
-- Business intelligence
-- Quality Assurance (QA) and testing
The Company will follow a comprehensive compliance process for forming the
new subsidiary and anticipates the process can be completed within the
current fiscal year while it continues to support the existing and new
clients from the Beijing office.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (
NASDAQ:
NTWK) (NASDAQ DUBAI: NTWK) is a
worldwide provider of global business services and enterprise application
solutions. Since its inception in 1995, NetSol has used its BestShoring™
practices and highly experienced resources in analysis, development,
quality assurance, and implementation to deliver high-quality,
cost-effective solutions. Specialized by industry, these product and
services offerings include credit and finance portfolio management systems,
hospital/healthcare information management systems (HIMS), SAP consulting
and services, custom development, systems integration, and technical
services for the global Financial, Healthcare, Insurance, Energy, and
Technology markets. NetSol's commitment to quality is demonstrated by its
achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering
Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a
distinction shared by fewer than 100 companies worldwide. NetSol
Technologies' clients include Fortune 500 manufacturers, global automakers,
financial institutions, utilities, technology providers, and government
agencies. Headquartered in Calabasas, California, NetSol Technologies has
operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and
San Pedro Sula.
To learn more about NetSol Technologies, Inc., visit
www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0
NetSol Technologies, Inc. Forward-looking Statement
This press release may contain forward looking statements relating to the
development of the Company's products and services and future operation
results, including statements regarding the Company that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect,"
"anticipate," "intend," variations of such words, and similar expressions,
identify forward looking statements, but their absence does not mean that
the statement is not forward looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Factors that could affect the
Company's actual results include the progress and costs of the development
of products and services and the timing of the market acceptance.
Contact Information: Contacts:
Investor Relations
Christopher Chu
Grayling
Tel: +1-646-284-9426
Email: christopher.chu@us.grayling.com