SOURCE: NetSol Technologies, Inc.

April 07, 2005 09:30 ET

NetSol Technologies Awarded Software Development Contract by Federal Government of Pakistan

Company's CMM Level 4 Status Plays Critical Role in Selection Process

CALABASAS, CA -- (MARKET WIRE) -- April 7, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has been awarded a new software automation project by the National Assembly and Senate of Pakistan. This software application development project for Majlis-e-Shoora (Parliament) promises to be NetSol's first of many projects for the Federal Government of Pakistan.

"We are pleased to announce yet another breakthrough in our company's quest for leadership in the infrastructure development of Pakistan," said NetSol President Salim Ghauri. "NetSol is widely recognized as one of the leading software developers in Pakistan, and the only CMM Level 4 facility in the country. We look forward to developing a robust, customized solution for improving the efficiency and information management for strategic public sector applications."

With the help of an electronically enabled National Assembly and Senate infrastructure, these data and information management systems promise to play a vital role in local and national governments. It is important to note that for public sector projects of such an important and strategic nature, the selection of a partner -- that can deliver comprehensive solutions, on time and on budget -- not only becomes crucial but is also based on stringent parameters of Human Resources potential, organizational financial stability and most importantly, credibility.

Fewer than two percent of U.S.-based software organizations are currently rated CMM Level 4 or higher. NetSol also recently announced its CMMi Level 5 Initiative, a corporate-wide mandate to achieve the most rigorous and highest rating available from SEI.

The customized software development project will enable members of National Assembly and Senate to access information on the working of the house, debates, questions, bills, session proceedings and other legislative activities at their offices and official work places. It will also allow citizens to access information on all proceedings of the National Assembly and Senate that is of public nature. This web-enabled delivery of public services, with new and improved levels of accessibility, will provide convenience, trust and accountability for citizens as well as the Majlis-e-Shoora officials. The applications will be first developed for National Assembly of Pakistan and then customized for Senate of Pakistan.

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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