SOURCE: NetSol Technologies

August 26, 2005 09:45 ET

NetSol Technologies Subsidiary, NetSol Technologies, Ltd. Completes First Day of Trading on the Karachi Stock Exchange at Rs.36 High per Share

CALABASAS, CA -- (MARKET WIRE) -- August 26, 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. began trading on the Karachi Stock Exchange Ready Board Friday August 26, 2005, under the symbol 'NETSOL.'

"We are very pleased with the opening day of trading of NetSol Technologies, Ltd., common stock, stock symbol NETSOL, on the KSE," commented NetSol Technologies, Ltd. President, Salim Ghauri. "As one of the most successful IPOs on the Karachi Exchange so far this year, we were pleased with the significant share volume of 7.5 million at the end of our first day of trading. Based on 35.5 million common shares issued and outstanding and the closing price of Rs. 34 our market capitalization is Rs. 1.207 billion or approximately U.S. $21.0 million." The stock gained 240 percent over the opening price of Rs.10.

"To our knowledge, NetSol Technologies, Ltd. is the first IT company to go public in the Pakistan market," said NetSol Technologies, Inc., Chairman Najeeb U. Ghauri. "We were pleased with today's results and look forward to increasing value for both our NASDAQ and KSE shareholders. NetSol Technologies, Ltd.," continued Ghauri, "contributes about 50 percent of the total revenue of NetSol Technologies, Inc."

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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