SOURCE: NetSol Technologies, Inc.

August 03, 2005 08:30 ET

NetSol Technologies Appoints New Chief Product Architect for LeaseSoft

Asset Finance Industry Veteran to Spearhead LeaseSoft Product Development

CALABASAS, CA -- (MARKET WIRE) -- August 3, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has appointed Graham Tarrant to the role of Chief Product Architect (CPA). In this executive capacity, Tarrant is tasked with driving the development of a next generation of NetSol's LeaseSoft product family.

"We are pleased to announce the appointment of an industry veteran such as Graham to our executive team," commented NetSol Technologies chief executive officer, Naeem Ghauri. "Our growing client list, including Toyota, and the more than nine DaimlerChrysler regions, establishes LeaseSoft among the ranks of top tier asset finance industry solutions."

Ghauri continued, "Graham's broad range of expertise in system design, development and product management in this industry will be invaluable in furthering LeaseSoft's leadership position. An innovative and well branded product provides our sales and marketing team the tools to capture additional market share through expanding our reach throughout Europe and begin targeting the U.S. markets."

"This is an opportune time to be joining the NetSol team," said Tarrant. "NetSol's LeaseSoft product suite is at a strategic juncture, and my vision is to establish LeaseSoft as an industry standard by working closely with our internal development team and counseling with our marquee clients, who are leaders within their industries. I look forward to directing the product development and growth strategy for this award-winning software family."

About Graham Tarrant

Mr. Tarrant joins NetSol after almost 30 years in software product strategy, product marketing and development, and information technology services. He has spent the last 20 years in the asset finance industry, including a role as founder and director of CQ Systems Limited, dating back to 1986. During his tenure with CQ, Tarrant was responsible for the successful design, development and commercialization of two generations of the CQ lending product suite, which is currently implemented in more than 50 customer sites in 12 countries. Tarrant received a Bachelor of Science Honours degree in Mathematics and Computer Sciences from the University of Surrey.

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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