SOURCE: NetSol Technologies, Inc.

July 31, 2006 09:35 ET

NetSol Technologies Bolsters Management Team With Industry Experts

Company Adds New Leadership to Drive Sales for Wholly Owned Subsidiaries

CALABASAS, CA -- (MARKET WIRE) -- July 31, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced it has appointed Gary Lowrey as Commercial Director for its wholly owned subsidiary, NetSolCQ. In this capacity Mr. Lowrey will head NetSolCQ's marketing and sales operations throughout Europe.

"Identifying, closing and servicing new business is a vital component of our global growth strategy," said NetSol CEO Naeem Ghauri. "Gary's industry experience and his sales and business development expertise will play an integral role in the building of our team and our pursuit of multi-million dollar contracts."

Lowrey joins NetSol from InitioStar, where he was responsible for providing board-level sales and marketing advisory services to a variety of IT companies in the financial services, security and outsourcing business. Prior to InitioStar, Gary was Group Sales and Marketing Director for Rebus Insurance Systems, Regional Sales Director for Misys, and held senior management roles with Oracle, Fujitsu and Wang.

The company also announced the appointment of Robert Bailey as Senior Account Manager for Sales of its wholly owned Burlingame, Calif.-based subsidiary, McCue Systems.

"We are delighted to have someone with Rob Bailey's depth of experience and ability to understand customers' complex business requirements join our staff," commented McCue Systems CEO John McCue. "Rob has developed a vast wealth of knowledge of the important players in our industry, along with a rich network of key contacts who respect him as an equipment leasing technology expert. We are proud to have him join the NetSol Technologies family."

Bailey, who will be reporting to McCue Systems Vice President of Global Sales Operations, Todd Brinkmeier, brings to the NetSol team more than 20 years of enterprise software sales and management experience. Most recently, Bailey was North American Senior Account Executive for Toronto-based Cyence International, a major provider of software solutions for the banking, manufacturing and equipment finance markets. Bailey also held senior sales positions with BMC Software, Netscape Communications, and the Royal Bank of Canada.

Completing the NetSolCQ management team is Stephanie Comley, who was promoted to Client Services Director. Comley will lead high profile system implementations and manage the company's more than 40-member professional services team.

About NetSolCQ

Established in 1986 as CQ Systems Ltd and now part of the NetSol Technologies, Inc. group, NetSolCQ provides software and services to the financial services industry. NetSolCQ is recognized as a premium provider of software solutions to the asset, motor, consumer, wholesale and premium finance sectors with 75 banking, independent and captive finance house clients in the UK, Europe, Africa and Asia. Please visit the company's website at www.netsolcq.com.

About McCue Systems

With over 30 years of experience in developing business solutions for the equipment and vehicle leasing industry, McCue Systems Inc. is the leading provider of lease/loan portfolio management software for banks, leasing companies and manufacturers. Its flagship product, LeasePak, simplifies lease/loan administration and asset management by accurately tracking leases, loans and equipment from origination through end-of-term and disposition.

McCue Systems leads the leasing technology industry in the development of Web-enabled and Web-based tools to deliver superior customer service, reduce operating costs, streamline the lease management lifecycle, and support collaboration with origination channel and asset partners. For more information, visit www.mccue.com.

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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