SOURCE: NetSol Technologies, Inc.

March 07, 2006 09:00 ET

Netsol Technologies Completes Successful Integration of LeaseSoft at Finlease Company Ltd.

Million Dollar Automation Project Marked Entrée Into Banking Industry

CALABASAS, CA -- (MARKET WIRE) -- March 7, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that its Lahore, Pakistan, subsidiary, NetSol Technologies Ltd., has successfully completed the full integration and launch of LeaseSoft at Finlease Company Ltd., a member company of the Mauritius Commercial Bank Group. The contract, valued at more than $1 million, also provides for future upgrades and ongoing technical and customer support.

"We are delighted to announce the successful launch of LeaseSoft at Finlease," commented Salim Ghauri, Chief Executive Officer of NetSol Technologies Ltd. "This project, a fully integrated, end-to-end solution comprising our Credit Application Processing System (CAP), and Contract Management System (CMS) LeaseSoft modules, marked our entrée into the banking industry, and will continue to serve as a showcase for future global banking institution business. We look forward to working closely with Finlease's internal team as we continue to build out new functionality moving forward."

Finlease selected NetSol's solution after an exhaustive evaluation process of competitive product offerings from U.K., U.S., French and Mauritius-based providers. It is the first non-captive finance company outside Asia Pacific to acquire LeaseSoft, which replaced Finlease's aging homegrown system.

About Finlease and Mauritius Commercial Bank

Finlease Company Ltd. provides business with lease finance solutions for asset payments. It is part of the largest financial services group in Mauritius, and a wholly owned subsidiary of Fincorp Investment Limited, a publicly traded company. The latter is itself a 47.5 percent owned company of The Mauritius Commercial Bank Ltd., the largest Bank in Mauritius. For more information, visit

The Mauritius Commercial Bank (MCB) Ltd., established in 1838, is the largest bank serving the island of Mauritius, and is recognized as the driving force in the development of the island's fortunes. MCB's strategic vision lies in improving the quality of its 45% market share in Mauritius while extending its regional network and further diversifying its product range in order to become a single-window financial services operation. For additional information on the Mauritius Commercial Bank, visit

The Island of Mauritius is situated in the Indian Ocean, approximately 2,400 kilometers off the South East Coast of Africa. Since independence in 1968, Mauritius has developed from a low income, agriculturally based economy to a middle income diversified economy with growing industrial and tourist sectors. Sugarcane is grown on about 80 percent of the cultivated land area and accounts for 45 percent of export earnings. The country boasts a gross domestic product (purchasing power parity) of approximately $9.2 billion. For more information on Mauritius, visit

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

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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