SOURCE: NetSol Technologies, Inc.

March 06, 2006 09:00 ET

NetSol Technologies Announces New Office Automation Contract With Karachi Patent Office

CALABASAS, CA -- (MARKET WIRE) -- March 6, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that its Lahore, Pakistan subsidiary, NetSol Technologies, Ltd., has been awarded a software development and IT services agreement with the Karachi Patent Office (KPO), the sole patent office registering patents and designs across Pakistan and operating under the auspices of the Cabinet Division and Ministry of IT.

"We are pleased to announce a major, new public sector development project with the Karachi Patent Office," commented Salim Ghauri, Chief Executive Officer of NetSol Technologies. "Our expertise in e-governance and public sector office automation made for a perfect fit with KPO's needs. We look forward to working closely with its technical and product management teams to roll out many, new functional enhancements over the coming months."

Under the terms of the agreement with Electronic Government Directorate (EGD)/Ministry of IT, NetSol will provide the following turnkey services relating to the automation of KPO:

--  Development of a relational database management system (RDBMS) for KPO
--  Integration of World IPO (WIPO) workflow and business processes with
    the patent database
--  Digitization and archiving of the historic patent databases and KPO
    records
--  Creating a comprehensive KPO portal with web-interface for patent
    applicants and member e-services
--  Design, layout and execution of the KPO wide network infrastructure
--  Provisioning of KPO's hardware
    

The contract also provides for interaction with the United Nations-sponsored World IPO (WIPO) organization, responsible for the global patent directory and associated regulations.

Karachi Patent Office, working under the Cabinet Division of the Government of Pakistan and having a close association with the Ministry of Industries, is the sole owner of the registration of patents and designs across Pakistan. Its responsibilities are manifold from the perspective of patents, designs, copyrights and trademarks, especially with the rapid advances in the engineering sector.

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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