SOURCE: NetSol Technologies, Inc.

March 22, 2005 10:37 ET

NetSol Technologies Announces Successful Implementation of $650,000 Enterprise Software Solution at Aascent Finance Company Ltd.

Wholly Owned Subsidiary CQ Systems Already Generating Revenue From Its Aapex Insurance Industry Software Suite

CALABASAS, CA -- (MARKET WIRE) -- March 22, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that its recently acquired, wholly owned subsidiary, CQ Systems Ltd., has successfully implemented its enterprise insurance premium finance (IPF) solution, Aapex, at Aascent Finance Company Ltd. The contract is valued at more than $650,000, with additional support and maintenance revenue in coming years.

"We are pleased to announce our month-old acquisition of CQ Systems is already creating tremendous value for NetSol," said Najeeb U. Ghauri, chairman for NetSol Technologies, Inc. "We have hit the ground running with this first successful implementation of Aapex. Not only has the acquisition begun adding to top line growth, but has provided an instant foray into the billion dollar insurance industry software and IT services market."

Aascent, which specializes in the commercial insurance premium finance market, selected CQ Systems to implement their Enterprise IPF Solution, known as Aapex, to deliver front-to-back office automated processing for their insurance premium finance products.

"This enhanced, customized system will enable us to focus on client satisfaction and business generation in the knowledge that the power, flexibility and security provided by our systems have produced unlimited business growth opportunity and superior customer service," said Edward Ferrell, Aascent Director and Project Sponsor. "The Aapex Enterprise Solution is a solution truly in line with our strategy to be 'above the rest.'"

The customized version of Aapex was built for expanded flexibility and service required from Aascent's front-to-back office systems, allowing for new products to be introduced quickly with minimal supplier assistance, scalable to meet the projected rapid business growth, and powerful enough to expand the business without adding administration staff. This required a new solution to reflect Aascent's highly professional service and provide their brokers with a comprehensive, fully integrated, web-based, point of sale, on-line 24/7 system. Aascent also required a fully automated loan management solution. The final solution provides direct information entry, quotation, financial modeling, client enquiry, management and business reporting.

In February of 2005, NetSol announced it has completed the acquisition of U.K.-based CQ Systems Ltd., a well-known provider of asset based financial solutions in the U.K. market, ahead of schedule.

NetSol Technologies, Inc.

NetSol Technologies is a leading 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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