SOURCE: NetSol Technologies

August 10, 2005 09:45 ET

NetSol Technologies Announces Joint Venture With Information Technology Matrix

Company Formed to Target the European, Asian and Pacific Rim Markets With Innovative Information Technology Security Services

CALABASAS, CA -- (MARKET WIRE) -- August 10, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has formed a joint venture (JV) with Information Technology Matrix (IT Matrix), a leading information technology security (IS) solution provider in Saudi Arabia. The joint venture, NetSol-ITM, will be headquartered in Lahore, Pakistan, and led by industry leader and IT Matrix Chief Executive Officer, Mirza Asrar Baig. NetSol Technologies will be the majority owner of NetSol-ITM.

NetSol-ITM will leverage NetSol's offshore development capabilities and brand recognition with IT Matrix's comprehensive IT security solutions to focus on expanding distribution of cutting edge IT security solutions into Europe, Asia and the Pacific Rim regions, a multi-million dollar market.

"As NetSol continues to expand market reach across the globe, we are seeing increased demand by both private and public sector organizations for advanced technology-based protection for their IT investments and network infrastructures," commented NetSol Technologies Chief Executive Officer, Naeem Ghauri. "We believe NetSol-ITM will provide a vehicle to offer not only information technology security, but a full suite of consulting services coupled with the implementation of security solutions, such as firewalls and antivirus protection for critical corporate networks."

"We have been searching for a development and marketing partner that has software expertise, a reputation for development of quality products and a strong, multi-country infrastructure to partner with," commented Mirza Asrar Baig. "Our new joint venture will have superior software, years of industry experience and a wide range of consulting and service initiatives -- a clear competitive advantage."

"We have been working with IT Matrix for a number of years," commented e-Cop Chief Executive Officer Eddie Chau, "and are excited with the portfolio of services NetSol-ITM will be providing, along with the large number of security vendor relationships, such as those with e-Cop, Encode, NFR Security, CyberGuard, WatchGuard, McAfee, Inc. and Lotus Development. We look forward to a long, rewarding relationship with NetSol-ITM and its management team," added Chau.

About IT Matrix

Information Technology Matrix (IT Matrix) is among the leading IT security solutions providers in the Kingdom of Saudi Arabia. The company was established in 1985 by a group of qualified and committed professionals with the ambition to excel in meeting the customer's needs. Being in business for so many years, the company has attained the reputation of a quality solution provider that is sincere, dedicated and goes the extra mile for it customers. IT Matrix's knowledge, experience, track record and customer-focused approach makes them uniquely qualified to offer viable and robust IT security solutions that meet business objectives of a wide variety of organizations and provide protection of their investments and network infrastructures. For more information, visit www.itmatrix.com.

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 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, 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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