SOURCE: NetSol Technologies, Inc.

July 21, 2005 11:02 ET

NetSol Technologies, Inc. Names New Chief Financial Officer

CALABASAS, CA -- (MARKET WIRE) -- July 21, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has appointed Tina Gilger, 43, as the Company's new Chief Financial Officer, effective immediately. Ms. Gilger will assume the additional responsibilities previously carried out by NetSol's Chairman, Najeeb U. Ghauri who held the position of CFO for the last 3 years. Ghauri assumed the position of CFO in addition to his role as Chairman of NetSol at the request of NetSol's Board of Directors when the company was going through a crucial transitional period.

"We are pleased to welcome Tina as our new chief financial officer and as an important member of our management team," commented NetSol Chairman Najeeb U. Ghauri. "Tina, a licensed CPA, has been a consultant to NetSol for the past two years in the capacity of controller and brings to NetSol over 15 years of financial expertise in both public and private companies."

Ghauri continued, "NetSol is undergoing considerable growth and as NetSol's Chairman, I will be able to direct all my energy to overseeing the Company's global objectives, its aggressive M&A strategy and take a more active role in the introduction of NetSol to the financial communities in the U.S., Europe, and emerging markets."

"NetSol achieved a significant goal when it became a profitable company in the first quarter of fiscal 2005," said Ghauri. "It is our vision to enhance shareholder value by becoming one of the most successful mid-sized information technology companies in our sector. The achievement of this vision requires my full attention, drive and energy along with that of senior management."

"I am pleased to be joining the NetSol team as CFO," said Gilger. "After working with management for the last two years, I am eager to assume a more senior position in this innovative, fast growing, global information technology company. I am also excited about the people, the opportunities, and the challenges presented by a global organization."

Gilger has 15 years of accounting experience including work for both audit and accounting firms. During the last three years, Gilger acted as an audit liaison for six reporting public companies, one of which was NetSol. From 2000 to 2002, Gilger acted as audit liaison for NewBridge Capital, a public company specializing in reverse mergers for public companies listed on the OTC:BB. Gilger has a Bachelor of Arts in Accounting with an emphasis in Business Management and is a Certified Public Accountant licensed by the State of California.

About NetSol Technologies, Inc.

NetSol Technologies is a leading 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.

Contact Information