SOURCE: NetSol Technologies, Inc.

May 24, 2007 08:30 ET

NetSol Technologies Awarded Software Development Contract for New e-Government Initiative at the Pakistan Ministry of Population Welfare

Company to Develop Solutions to Manage Key Business and Day-to-Day Operations of the Ministry, Eliminating Redundancy in Collection and Compilation of Data

CALABASAS, CA -- (MARKET WIRE) -- May 24, 2007 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, today announced that the Federal Government of Pakistan has awarded the Company a contract for an Electronic Government Capacity Building & Office Automation Project with the Ministry of Population Welfare. The primary objective of this e-Government initiative is to eliminate redundancy in collection and compilation of data provided by districts and provincial offices to the Ministry.

Terms of the contract call for NetSol to develop, implement, train and maintain customized enterprise software solutions. To this end, NetSol will create a system that records, analyzes and reports on: service performance; contraceptive logistics; program administration; and non-service delivery components. In addition, it will develop a finance and budgeting system to assist the Ministry in preparing annual operational plans. And, as with other engagements, NetSol will provide end user training and technical support to ensure quick adoption and proper usage of the new solutions.

Najeeb Ghauri, chairman and chief executive officer, stated, "NetSol is playing a major role in the e-Government initiatives in Pakistan. This contract offers NetSol another opportunity to showcase our expertise in developing Open Source, best-of-breed solutions for e-Government initiatives, as well as to demonstrate the superior assistance provided by our IT Consulting & Services Team. Upon completion, we expect this Web-enabled system to improve the levels of accessibility, convenience, trust and accountability of the Ministry of Population Welfare, thus ensuring that it functions in a timely and cost efficient manner."

About NetSol Technologies

NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in 40+ countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com. Click here to join the NetSol Technologies, Inc. email distribution list: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance.

Contact Information

  • Contacts:

    NetSol Technologies, Inc.
    Tina Gilger
    Chief Financial Officer
    Tel: +1 818-222-9195, x112

    Investor Relations
    Christopher Chu
    The Global Consulting Group
    Tel: +1-646-284-9426
    Email: cchu@hfgcg.com