CALABASAS, Calif., March 25, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that NetLogic Liberty Wireless Broadband, a joint venture between NetSolConnect (Pvt.) Ltd., a subsidiary of NetSol Technologies, Inc., and United Kingdom-based iLogic, has signed a three-year contract with Askari IV to deliver high-speed broadband services to an Army Welfare Trust Housing Scheme located in Karachi, Pakistan.
Under the terms of the contract, NetLogic Liberty will provide a wireless broadband solution to an estimated 1,250 residential units located within the Housing Scheme. The services will include high-speed Internet access along with all necessary peripheral equipment, installation, support, and on-going maintenance. According to NetLogic's Chief Executive Officer Saquib Ahmed, multi-dwelling units (MDUs) are prominent in Karachi and present a significant market opportunity for the company's wireless broadband services. NetLogic Liberty is now working with a number of Armed Forces-managed MDUs to provide a similar suite of services.
"This agreement opens the door to a new market segment that has not yet been targeted," said Ahmed. "The successful launch of our wireless broadband services positions NetLogic Liberty as a cablenet provider, as well as a provider of associated communication services to thousands of MDU's, corporations, SME, and residential/SOHO (small office/home office) users in Karachi. NetLogic Liberty, known for its innovative leadership within the wireless communications industry, is the first company in Pakistan to offer point-to-multipoint wireless broadband services to residential users -- a large, untapped target market."
"We are pleased to provide the residents of our Housing Scheme with state-of-the-art wireless communications technology through our agreement with NetLogic Liberty," commented Askari IV Secretary Major (Retired) Zameer Ahmed Khawaja. "We look forward to a long and beneficial partnership with NetLogic Liberty."
"This new agreement will be great news for our existing customers," noted NetLogic Liberty President Fasih Ghauri. "Our wireless broadband product provides a suite of services that complements our existing dial-up products and further enhances our customer's experience, as they can now enjoy the best support and service from a leading wireless communications provider, NetLogic Liberty Wireless Broadband."
About Askari IV
An Army Welfare Trust Housing Scheme, which is part of one of the biggest Housing Schemes development organizations in Pakistan, Askari has similar major housing projects all over the major cities of Pakistan.
About NetLogic Liberty Wireless Broadband
NetLogic is a Joint venture between NetSolConnect (Pvt.) Ltd., a subsidiary of NetSol Technologies, Inc. (Nasdaq:NTWK), and iLogic (Pvt.) Ltd., an international communications company at the forefront of integrating long-distance, local and wireless communications services with headquarters in the United Kingdom. NetSolConnect built and operates one of the largest ISP networks in Karachi and Islamabad, with planned expansion in Lahore, and is a leader in advanced data communications services.
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., 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 has been delivering high quality, cost effective IT services ranging from consulting and application development to systems integration and outsourcing for years. Their commitment to quality is demonstrated by achieving both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 2 assessment.
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, assumption 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.