SOURCE: NetSol Technologies, Inc.

June 21, 2006 10:00 ET

NetSol Technologies' Largest Client to Invest $5.8 Billion to Spur Growth in Pakistan

CALABASAS, CA -- (MARKET WIRE) -- June 21, 2006 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, released comments today from its Chairman, Najeeb U. Ghauri. Mr. Ghauri issued this statement concerning the recent announcement, as reported by the World News Network, that Daimler-Chrysler and Coastal Group of UAE intend to invest more than $5.85 billion in Pakistan through the production of Mercedes-Benz commercial and military trucks, buses and Mercedes automobiles of various types in an effort to create a "vendor industry" in the region.

"This tremendous investment by NetSol's largest customer, Daimler-Chrysler, along with the Coastal Group of UAE, stands to create thousands of jobs and underscores the global business community's commitment to an already burgeoning business environment in Pakistan," commented Ghauri. "We are pleased to see our business partners support Pakistan's economic growth and look forward to our continued success and profitable relationship with Daimler-Chrysler moving forward."

According to Umar Ahmed Ghumman, Minister of State for Privatization and Investment, and Chairman of the Board of Investment (BoI), speaking at a news conference at the Parliament House in Pakistan, the investment group will set up its manufacturing plant near Shaikhupura on 1,200 acres of land provided by the government. The investment is expected to create upwards of 5,000 jobs directly and indirectly. Once production commences, the investment group would export products to neighboring countries as well as to the Persian Gulf region, which would earn billions of dollars in foreign exchange for Pakistan.

NetSol has a global frame agreement with DaimlerChrysler Services ("DCS"), qualifying NetSol as a preferred vendor to DCS in 40 plus countries where DCS operates. DCS is a division of Daimler-Chrysler, the world's fifth largest carmaker with revenues exceeding $130 billion, and a workforce of more than 420,000 employees.

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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