SOURCE: NetSol Technologies

September 06, 2005 09:45 ET

NetSol Technologies' Wholly Owned Subsidiary Signs Contract Valued at $400,000 With General Capital Group plc

NetSol's Wholly Owned Subsidiary, CQ Systems, Penetrates Finance Market in the U.K.

CALABASAS, CA -- (MARKET WIRE) -- September 6, 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 contract valued at approximately $400,000 with U.K.-based General Capital Group plc.

General Capital is a leading independent finance house providing commercial asset financing, automobile financing, property financing and venture financing. The company has recently completed two acquisitions and is now in the process of consolidating the portfolio management operations of the businesses. CQ Systems will assist General Capital in the consolidation of two legacy platforms into a robust CQ Enterprise Platform designed to manage the versatility of the company's products and support its plans for significant organic growth.

"We have spent a significant amount of time reviewing enterprise solutions with the sophistication we believe necessary to manage the diversity of our finance products and address the requirements of our two target markets," commented General Capital Managing Director, Mark Edworthy. "With CQ Systems we have a business partner that will help us grow our business by providing a quality enterprise solution that can be implemented within our tight schedule."

"We have known the General Capital team for a number of years and are pleased to have the opportunity to delivery an integrated solution that is fully scalable to meet their future growth demands," said CQ Systems Sales Director, Johnnie Halliday. "We look forward to building a long, lasting relationship with General Capital and working closely with them as they continue to grow and their system needs evolve."

About General Capital Group plc

General Capital is a leading independent finance house dedicated to providing innovative and flexible funding solutions across a range of commercial specializations including motor, asset and venture financing. Please visit the company's website at www.generalcapital.co.uk.

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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