SOURCE: NetSol Technologies

August 16, 2005 12:33 ET

Reminder - NetSol Technologies Signs Contract Exceeding $1.3 Million for Office Automation

NetSol Leverages Position in Robust Economy

Poised for Strong Growth

CALABASAS, CA -- (MARKET WIRE) -- August 16, 2005 -- NetSol Technologies, Inc. (NASDAQ: NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has signed a contract worth in excess of $1.3 million with a large public sector organization. There is a nondisclosure agreement between the two organizations.

Under the terms of the agreement, NetSol Technologies will provide the organization and its approximately three thousand users with a hybrid office automation solution utilizing commercially available software, modified and integrated with NetSol's customized software solutions. Additionally, NetSol's consultants and installation team will provide system configuration, software customization, application deployment, user training and ongoing maintenance.

The contract is the single largest services contract awarded to NetSol by a Pakistani Government organization. The provision of auxiliary services, including Business Process Reengineering, Software Licenses and Systems Integration, marks a major milestone in NetSol's evolution as an IT services company.

"The award of this competively bid and highly coveted contract highlights our business strategy to develop the core automation and digitally enabled infrastructure for the Government of Pakistan and its key ministries," said NetSol Technologies President Salim Ghauri. "This project has a direct bearing on the working of the offices of the most strategic of Pakistan's ministries and its staff of nearly three thousand, by establishing a framework for the timely and effective delivery of key business processes and improving the efficiencies of daily routine operations.

Ghauri continued, "We believe our contribution for this auspicious client, combined with our recently signed office automation project for the Prime Minister of Pakistan's offices and the National Assembly and Senate of Pakistan, will augment and accelerate the national drive for e-governance and improved information and services to the people of Pakistan."

"We are poised to capitalize on an economy that is growing between eight and a half percent and nine percent per year, due in part to privatization of certain industries and significant foreign investments in multiple Pakistani business sectors," commented NetSol Chairman Najeeb U. Ghauri. "Additionally, the success of our recent IPO has not only strengthened our balance sheet, but has generated considerable visibility for NetSol and numerous new large business opportunities in this fast emerging economy."

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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