SOURCE: NetSol Technologies, Inc.

NetSol Technologies, Inc.

March 05, 2009 08:30 ET

NetSol Technologies Announces Cost Cutting Program to Reduce Expenses by $4 Million Annually and Support a Targeted Return to Profitability

EMERYVILLE, CA--(Marketwire - March 5, 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, announced a comprehensive cost reduction program aimed at reducing company expenses by an estimated $4 million, on an annualized basis. The full quarterly impact of the program is expected to be reflected beginning in the quarter ending June 30, 2009, NetSol's fiscal fourth quarter 2009. Significant and tangible cost reductions have already taken effect based upon actions implemented in the first half of NetSol's fiscal year 2009, as well as the current fiscal quarter.

Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive Officer, stated, "The comprehensive cost reduction program we announced today provides the foundation for NetSol to reduce our cost structure to align with global economic conditions, current revenue and our visible sales backlog. The execution of this program has a clear focus on streamlining our cost structure and yielding new operating efficiencies across our global infrastructure, all while continuing to meet the needs of our valued customers worldwide. NetSol's CMMI Level 5 driven Best Practices are a key component to us achieving these significant cost efficiencies.

"Overall, our primary financial goal is to return the Company to profitability, while positioning NetSol to leverage our high quality, cost effective solutions to help our customers achieve their IT services and enterprise software development objectives. My confidence in NetSol's ability to execute this program, as well as reach our goal of returning the Company to profitability, is further supported by my personal and continued direct investment in NetSol shares," concluded Mr. Ghauri.

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 Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Beijing, Bangkok, Lahore, and London.

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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:
    Investor Relations
    Christopher Chu
    Tel: +1-646-284-9426