SOURCE: NetSol Technologies

August 23, 2005 09:45 ET

NetSol Technologies Subsidiary, NetSol Technologies, Ltd. Begins Trading on the Karachi Stock Exchange

CALABASAS, CA -- (MARKET WIRE) -- August 23, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that common shares of its Pakistan-based subsidiary, NetSol Technologies, Ltd. will begin trading on the Karachi Stock Exchange Ready Board on Friday August 26, 2005, under the symbol ‘NETSOL.’

Completed on July 19, 2005, the initial public offering (IPO) of NetSol Technologies, Ltd. was the most successful IPO on the Karachi Exchange so far this fiscal year, with its common stock priced at Rs.25, a Rs. 15 premium. The IPO raised approximately $6 million and was over subscribed.

“The IPO has significantly strengthened our balance sheet and provided considerable publicity and market awareness for NetSol within the Pakistan business communities and government agencies,” commented Najeeb U. Ghauri, Chairman of NetSol Technologies, Inc. “The increased visibility in this emerging region has expanded our pipeline, with significantly larger opportunities similar to the $1.3 million contract we recently signed in the public sector. To our knowledge, NetSol Technologies, Ltd. will be the only publicly traded company on the KSE with a U.S.-based parent company whose common stock trades in the United States as well as the first IT company to go public in the Pakistan market."

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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