CALABASAS, Calif., March 27, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that it has received an order from UMF (Singapore) Ltd., one of the company's long-standing premier customers, for implementation of NetSol's LeaseSoft.CAP (Credit Application Processing System) software product. UMF (Singapore) currently uses NetSol LeaseSoft.CAM (Credit Administration and Management System), which was successfully implemented by NetSol early this year.
NetSol provides a full suite of technologically advanced leasing and finance application products ranging in price from $150,000 to $500,000. The company's CAP product provides the vehicle for a finance company to handle incoming credit applications from myriad dealers. Information regarding credit applications is gathered from a variety of information portals such as credit rating agencies, glasses guides, and scorecards. The collective information is automatically appended to credit applications, which is then placed into the review cycle to accelerate the credit team members' decision-making process. CAP has been successfully implemented at DaimlerChrysler Services in Australia and Tung Yang Leasing Company in Taiwan. The LeaseSoft.CAP product is mature and has been significantly enhanced over the last four years.
"The adage, 'It's much more expensive to bring in a new customer than to maintain and penetrate an existing customer', is well expressed in our ongoing business relationship with UMF (Singapore) Ltd.," said NetSol Technologies, Inc. President Salim Ghauri. "We have been working with UMF (Singapore) Ltd. for over three years. Our recent and highly successful implementation of NetSol's LeaseSoft.CAM has made it possible to expand our relationship with UMF (Singapore) to include the implementation of our CAP application product.
"The demand for our suite of proprietary software business products is continuing to grow as we penetrate leaders within our target markets," continued Ghauri. "We are very focused on increasing our software product revenue, which carries gross margins in excess of 70 percent on each license sold. The launch of LeaseSoft.CAP has significantly enhanced the visibility of NetSol and our suite of software products for the finance industry. We intend to take advantage of this visibility and our successful implementations within industry leaders to expand our presence in our target markets."
About UMF (Singapore) Ltd.
UMF, a public company since 1995, was incorporated in Singapore under the Companies Act in March 1973 under the name of Associated Merchant Bank Private Ltd. UMF (Singapore) Ltd. Shareholders are Cycle & Carriage Ltd. ("CCL"), DaimlerChrysler Services AG and Capital Services of Singapore Ltd. ("CSS").
CCL, a public company listed on the Singapore Stock Exchange, is an investment holding company with interests in the distribution and retailing of motor vehicles, property development and property investment. DaimlerChrysler Services AG , the services arm of the DaimlerChrysler Group, is divided into Financial Services and Mobility Management. CSS is a Bermuda incorporated company and is wholly owned by Jardine Asian Holdings Inc., a wholly owned subsidiary of Jardine Pacific Holdings Ltd. ("Jardine Pacific").
About NetSol Technologies Inc.
NetSol Technologies is a leading end-to-end solution provider for the Lease & Finance Industry. LeaseSoft is the culmination of more than 6 years of effort involving domain experts, developers, project managers and end users. The result is a product that covers the complete gambit of Lease & Finance activities. 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.