SOURCE: NetSol Technologies, Inc.

October 06, 2006 09:45 ET

NetSol Technologies Chairman to Oversee Strategic Growth Initiative as New CEO

NetSol Technologies Restructures Key Roles and Streamlines Organization; Three Senior Officers Assigned to Newly Defined Global Regions

CALABASAS, CA -- (MARKET WIRE) -- October 6, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced a strategic growth initiative for senior management to effectively manage and capitalize on the company's recent expansion into new and existing markets around the world.

Effective immediately, all of NetSol's business interests will be divided into three global regions that will govern the company's strategic growth initiative. Also effective immediately, Najeeb U. Ghauri, NetSol Chairman of the Board, will add to his duties as Chairman the responsibilities of chief executive officer to oversee the initiative.

"It has been a pleasure to serve as NetSol's CEO over the past five years," said Naeem Ghauri. "I will cherish the time and the knowledge that I have made a significant contribution to the success of NetSol. I'm excited to take the reigns as president of the newly defined European Region and believe the Board's organizational changes have created an organization sharply focused on growth and profitability."

"Keeping in step with our growth strategy, we have appointed three senior executives to manage our expanded global presence, allowing us to take full advantage of our recent acquisitions and infrastructure enhancements, and to manage the dramatic increase in our personnel," said newly appointed CEO Najeeb Ghauri.

"The NetSol Board and senior management recognized the need for an approach where management will be tasked with direct ownership for each of the defined regions to ensure improved results and financial efficiency," commented Najeeb Ghauri. "The assignment of current management personnel will streamline operations and solidify the inclusion of the company's recent U.S. acquisition under one corporate umbrella.

"We appreciate Naeem Ghauri's dedication and the tremendous progress made within the company under his guidance as the company's chief executive officer," said Najeeb Ghauri. "As president of the newly formed European Region, Naeem will now have the time to focus his energy entirely on expanding NetSol's footprint within Europe to capture the significant growth potential in the equipment finance industry."

When companies become diverse in their product lines and generate significant revenues from the licensing, maintenance and service of those products in a global setting, it is very important that a single individual be responsible for leadership and profit and loss. A direct benefit from this initiative is the streamlining of internal corporate communications between the regions and the divisions within those regions. Each region will be aware of the activities of the other regions which will reduce redundancies and provide a platform for effective cost controls. These important decisions were made by NetSol's Board based on the expertise and years of unparalleled experience of the officers and founders of both NetSol and McCue Systems.

"NetSol can now leverage the industry expertise of its management team to control assets and successfully address the company's expanded sales force, IT integration, and new global governance requirements, while maintaining its dedication to return on investment and growth," said Najeeb Ghauri.

The three newly defined global regions and their respective management appointments include:

The North American Region - Appointed as President of the region: John McCue. (CEO of recently acquired McCue Systems)

The European Region - Appointed as President of the region: Naeem Ghauri. (former CEO of NetSol Technologies Inc.)

The Asia Pacific Region - Appointed as President of the region: Salim Ghauri. (former President NetSol Technologies Inc.)

Najeeb Ghauri

Founder, Chairman and CEO

Najeeb Ghauri was elected Chairman of the Board of Directors of NetSol Technologies, Inc., in February 2003. He was also the interim CFO from June 2002 to July 2005. Mr. Ghauri was the founder of the parent company, NetSol Technologies, Inc. (formerly Mirage Holdings, Inc.). He became the President and CEO of NetSol Technologies, Inc. in April 1997, and held that title until August 2001. Mr. Ghauri was very instrumental in the completion of the IPO in 1998 and responsible for restructuring the company's business model into that of an IT company in 1997-1998. He also spearheaded the successful listing of NetSol to NASDAQ Small Cap in December 1999; and on September 13, 2006, Mr. Ghauri presided over the closing bell for NetSol at NASDAQ Exchange.

Prior to launching NetSol in the U.S., Mr. Ghauri had over 15 years of combined marketing and management experience with Fortune 500 companies such as Unilever and Atlantic Richfield Corporation (ARCO). He received his bachelor's degree from Eastern Illinois University, and earned an MBA in marketing from the Drucker School of Management at The Claremont Graduate School. In 2001, Mr. Ghauri was a nominee for the Ernst & Young 'Entrepreneur of the Year' award in California. Mr. Ghauri is a founding member of USPBC (US-Pakistan American Business Council) and was elected as its Vice Chairman in spring 0f 2006. Mr. Ghauri has lived in the U.S. since 1977 and became a U.S. citizen in 1990.

About NetSol Technologies, Inc.

NetSol Technologies is a U.S.-based multinational provider of enterprise software and services for equipment finance. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific, including: London, Los Angeles, San Francisco, Sydney, Beijing, Toronto, and Lahore, Pakistan.

The NetSol family of products includes: the LeaseSoft Contract Management System, LeaseSoft Credit Application Processing, LeaseSoft Wholesale Finance System, LeaseSoft Premium Finance System, LeaseSoft EPO system, and the LeasePak system. NetSol clients include: Motorola, CitiGroup, BMW, Toyota, Yamaha, Quest Communications, and Investec. NetSol's largest customer: DaimlerChrysler Services, a division of DaimlerChrysler, the world's fifth-largest carmaker, ranks NetSol as a preferred vendor in 40-plus countries.

NetSol Technologies helps its clients identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol Technologies delivers high-quality, cost-effective equipment finance portfolio management solutions and IT services ranging from consulting and application development to systems integration and outsourcing. NetSol Technologies' commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMl (Capability Maturity Model) Level 5 assessment. For more information, visit NetSol Technologies' web site at

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