SOURCE: NetSol Technologies, Inc.

March 16, 2005 08:30 ET

Prime Minister of Pakistan Applauds NetSol Technologies for Its Contribution to Country's Economic Growth

Prime Minister Presides Over NetSol Campus Inauguration as World Economic Forum Ranks Pakistan Second in IT Growth for South Asia

CALABASAS, CA -- (MARKET WIRE) -- March 16, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, announced that Pakistan's Prime Minister, Shaukat Aziz, presided over the inauguration ceremony for its state-of-the-art facility for IT services and software development, NetSol IT Village, on March 4, 2005. The inauguration announcement comes on the heels of the annual World Economic Forum (WEF) survey, which ranked Pakistan as second best in South Asia, after India, for using IT to drive economic growth.

"It is truly an honor to have His Excellency, Prime Minister Aziz, on hand for this historic day for NetSol, its employees, shareholders, and the entire IT industry of Pakistan," said NetSol Chairman Najeeb U. Ghauri. "Our vision to launch a software technology park that would not only drive NetSol's IT initiatives, but those of the entire country, has finally been realized. It is our hope to lead the way as Pakistan strives to achieve the successes of its neighbors. We look forward to continuing our work with local government, strategic partners and the financial community to promote software exports in contribution to the growth of the national economy."

During the ceremony, Prime Minister Aziz praised NetSol and its founders, the Ghauri brothers, for its contributions to the growth of the country's IT industry. Pakistan's Prime Minister has been a leading force in implementing proactive policies and investments by all levels of the government, such as encouraging broadband network infrastructures, promoting the education and literacy of citizens and providing ongoing skills training, all of which are vital components of building the foundation of a country's productivity. In a recent statement, Prime Minister Aziz noted that the Pakistani government has taken many steps over the last several years to provide an enabling environment for the IT sector through infrastructure development and a variety of incentive programs for IT companies.

Citing Pakistan's decision to introduce broadband connection in the country, as well as encouraging huge foreign direct investment (FDI) in the IT services and software sector this past year, the WEF report went on to note that Pakistan continues to make efforts to improve its global position and boost the economy through exploitation of the ICT developments.

The inauguration ceremony for NetSol's IT Village was held on March 4, 2005. Guests of honor in attendance included Prime Minister Shaukat Aziz, Governor of Punjab General Khalid Maqbool, Federal Minister of IT Owais Laghari, Consul General of the US Consulate in Lahore, High Commissioner of Australia Ms. McCarthy, and dozens of other dignitaries, foreign investors and business partners, and distinguished guests.

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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