SOURCE: NetSol Technologies

July 31, 2008 08:31 ET

NetSol Technologies Signs New Frame Agreement With Daimler Financial Services

Daimler Agreement Extends NetSol's Relationship With Its Longest Standing Customer in the Regions of Asia Pacific and Africa

CALABASAS, CA--(Marketwire - July 31, 2008) - NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK) (DIFX: NTWK), a worldwide provider of global business services and enterprise application solutions, today announced that NetSol's Africa and Asia Pacific/Middle East Division has signed a new frame agreement with Daimler Financial Services AG Germany, to service Daimler's needs in Africa and the Asia Pacific region. According to the frame agreement, Daimler Financial Services will extend its scope of consulting services, development, implementation, customization, and maintenance of software from NetSol on the basis of the new frame agreement.

The frame agreement outlines the implementation of basic and general provisions, regulations, and processes of existing and all future individual agreements for the delivery and development of software or services to Daimler Financial Services. The newly signed frame agreement supersedes all earlier agreements with Daimler Financial Services, of which the last agreement renewal was signed in 2004 for use of NetSol's flagship LeaseSoft solution. To date, NetSol is already serving the needs of Daimler Financial Services and its affiliated companies in eight countries in the Asia Pacific region.

Commenting on the announcement, Mr. Salim Ghauri, President Asia Pacific Division stated, "We are extremely pleased to further expand our relationship as a Global Business Services and LeaseSoft software provider to Daimler Financial Services, who has been a valued and long standing global customer since 1996. The signing of this latest frame agreement demonstrates the level of confidence the Daimler Financial Services team has in our ability to provide world class software, services, and implementation across international markets. NetSol's evolution and enhancement of our products and services portfolio has provided a strong platform upon which to meet the changing needs and operating landscape of our key customers such as Daimler Financial Services. We are very grateful to Daimler and Mercedes Benz for their continued belief in NetSol's commitment to providing a best-of-breed product for its automotive leasing needs."

NetSol's LeaseSoft solution is a premium suite of asset-based leasing software that improves business processes by providing fast and convenient solutions capable of dealing with multi-asset and multi-lingual environments. LeaseSoft solutions are available for customers in motor finance, asset finance, consumer finance, real estate finance, and loan finance.

About NetSol Technologies, Inc.

NetSol Technologies (NASDAQ: NTWK) (DIFX: NTWK) is a worldwide provider of global business services and enterprise application solutions. NetSol uses its BestShoring™ practices and highly-experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Organized into specialized practices, these product and services offerings include portfolio management systems for the financial services industry, consulting, custom development, systems integration, and technical services for the global Healthcare, Insurance, Real Estate, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 279001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, technology providers, and governmental agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in London, San Francisco, Sydney, Beijing, Bangkok, and Lahore. To join the NetSol Technologies, Inc. email distribution list please visit: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.

To learn more about NetSol Technologies, Inc., visit www.netsoltech.com.

Forward-Looking Statements

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:

    NetSol Technologies, Inc.
    Tina Gilger
    Chief Financial Officer
    Tel: +1 818-222-9195, x112

    Investor Relations
    Christopher Chu
    Grayling Global
    Tel: +1-646-284-9426
    Email: cchu@hfgcg.com