SOURCE: NetSol Technologies, Inc.

June 16, 2005 12:20 ET

NetSol Technologies' Wholly Owned Subsidiary Inks $1 Million Contract With U.K.-based Haydock Finance Ltd.

NetSol's Wholly Owned Subsidiary, CQ Systems, Continues Aggressive Expansion in U.K. Market

CALABASAS, CA -- (MARKET WIRE) -- June 16, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that its wholly owned subsidiary, CQ Systems, has signed a $1 million contract with Haydock Finance Ltd. (HFL), one of the U.K.'s leading independent finance companies. Under the terms of the agreement, CQ Systems will implement Haydock's new, customized Enterprise Solution for delivering front-to-back office automated processing to their diverse and innovative finance products.

HFL plans to expand its commercial asset finance activities and will continue to maintain a strong presence in its traditional consumer motor finance marketplace. HFL's senior management recognized that a computer system platform more compatible with its diverse fields of activity was necessary to support these plans and obtain additional efficiencies through automation of more business processes.

"We have aggressive growth plans, particularly in corporate asset finance," commented HFL's CEO Derek Lamond. "We decided we needed to engage with a software provider with proven success in our chosen areas of lending. Equally important is a software provider capable of delivering on time and on budget, an integrated and fully scalable solution tailored precisely to our current and future business needs. CQ Systems and the Enterprise Solution product fully meet these criteria."

"We have talked with Haydock Finance for a number of years and are very pleased to be working with them," said CQ Systems Sales Director Johnnie Halliday. "Haydock's installation of our Enterprise Solution will also include implementations of our document imaging process module and our automated document production capability, all of which further enhance the modularity of our Enterprise System for new and existing clients," added Halliday.

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

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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