SOURCE: NetSol Technologies, Inc.

April 05, 2005 09:45 ET

NetSol Technologies Signs $2.1 Million LeaseSoft Contract With Top Five Auto Finance Company

Company Expands Sales Backlog by Commanding Premium for Industry Leading LeaseSoft Solution

CALABASAS, CA -- (MARKET WIRE) -- April 5, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has signed a new LeaseSoft.CMS contract with a Bangkok-based, top five auto finance industry major. Under terms of the contact, valued at more than $2 million, NetSol will customize, implement, and deploy its LeaseSoft.CMS to automate all back office business processes for contract administration and management. The contract also provides for additional revenues through annual maintenance and support, historically priced at up to 15 percent of the initial contract value.

"We are pleased to announce another major breakthrough in establishing LeaseSoft as the leading application for the lease and finance industry," said NetSol President Salim Ghauri. "Our proven product offering, coupled with increased global brand awareness and a marquee client list, have all contributed to a recent surge in bids for higher valued contracts with more robust functionality. These recent LeaseSoft license agreements and exponential growth in our services business have resulted in a healthy sales backlog. We are anticipating a sizeable hiring increase to support these large contracts, and to continue aggressively pursuing software contracts with Fortune 500 corporations around the globe."

Due to confidentiality agreements, NetSol has agreed not to publish the aforementioned new client's brand name. However, the client is one of the five largest captive auto finance companies in the world, operating in more than 50 countries.

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), Proposal Management System (PMS), 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. Visit the LeaseSoft web site

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

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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