SOURCE: NetSol Technologies

November 02, 2005 09:46 ET

NetSol Technologies, Inc. Announces New LeaseSoft Agreement and Implemention at DaimlerChrysler Auto Finance, China

This Marks the First Simultaneous Implementation of a Complete Suite of LeaseSoft Asset Based Finance Software

CALABASAS, CA -- (MARKET WIRE) -- November 2, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it had signed an agreement for the licensing of its LeaseSoft suite of asset based finance products with DaimlerChrysler Auto Finance China (DCAFC). In conjunction with the announcement, the company also announced that it had completed the implementation of the software suite at DCAFC.

Under the terms of the contract, NetSol was tasked with implementing the full suite of LeaseSoft modules, comprised of the Credit Application Processing System (CAP), Contract Management System (CMS), and Wholesale Finance System (WFS), in less than one year. The contract also provided for customization, implementation services and ongoing maintenance.

"The new contract with DaimlerChrysler Auto Finance China, along with the required rapid implementation process, marks a major milestone for NetSol," said Salim Ghauri, President of NetSol Technologies, Inc. "In addition to being one of the largest LeaseSoft contracts to date, this was the first time we implemented the entire product suite simultaneously. The seamless implementation of a customized solution in under one year's time truly demonstrates the quality and integrity of our product technology and the dedication and experience of our entire team."

"We anticipate the completion of this project, coupled with our existing LeaseSoft installation at Toyota Motor Finance China Co., Ltd., will open doors to a string of future LeaseSoft implementations in China and surrounding regions," continued Ghauri. "Captive finance companies are a new concept in China, and with the explosive growth in the number of new vehicles, global auto manufacturers are certain to continue rolling out strategic auto finance operations in China. We have successfully entered the market early and welcome the opportunity to provide them with what is becoming the platform-of-choice for asset-based leasing software."

The auto industry is one of the largest and fastest growing sectors of the local economy in China. In 2004, China produced over five million vehicles and sold 4.9 million vehicles. The country is now the fourth largest vehicle producer and the third largest vehicle consuming country in the world.

About LeaseSoft

LeaseSoft is NetSol's suite of asset-based leasing software, originally commercialized in the third quarter of fiscal 2002. LeaseSoft, an end-to-end solution for the leasing and finance industry, provides four modules: Point of Sale (ePOS), Credit Application Processing (CAP), Contract Management System (CMS) and Wholesale Finance System (WFS). These modules support a variety of scenarios, including multinational companies using the local language, multiple assets, multiple distributions, multiple companies and multiple manufacturer environments. The modules are stand-alone systems that can be used independently to address a specific area within an organization or, when used together, they create a fully automated asset-based leasing solution. Through the use of interface programs, all modules have fully customizable interfaces that are easily configured to integrate the "system" with enterprise systems or new applications. For more information, visit www.leasesoft.biz.

About DaimlerChrysler Auto Finance China (DCAFC)

Established in September of 2005 by DaimlerChrysler Financial Services, the Financial Services Company of the DaimlerChrysler Group, DaimlerChrysler Auto Finance (China) Ltd. (DCAFC), is the first captive financing company in China to offer a broad product portfolio of dealer and customer financing, for passenger cars, and for commercial vehicles. For more information, visit www.daimlerchryslerservices.com/dcs.

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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