CALABASAS, Calif., April 8, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that it has signed a new agreement with DaimlerChrysler Leasing (DCL) Thailand, Ltd. to implement NetSol's LeaseSoft.CAP (Credit Application Processing) middleware product. A customer since 1998, DCL Thailand is currently using the company's LeaseSoft.WFS (Wholesale Finance System) software product. LeaseSoft.CAP has been successfully implemented at DaimlerChrysler Services in Australia and Tung Yang Leasing Company in Taiwan, and is currently being implemented at UMP (Singapore). NetSol's finance application products range in price from $150,000 to $500,000.
A mature product, LeaseSoft.CAP provides the automated process for financing organizations to handle incoming credit applications from a variety of automobile dealers. Data regarding credit applications is gathered from information portals such as credit rating agencies, glasses guides, and scorecards. The collective data is automatically appended to credit applications, which are then placed into the review cycle to accelerate the credit team member's decision-making process.
"DCL Thailand has been successfully operating its wholesale finance business utilizing our LeaseSoft.WFS product since 1998," said NetSol President Salim Ghauri. "We believe DCL's decision to implement our CAP product is based on our understanding of their industry, our customer service philosophy and our continued product enhancement ensuring that our suite of lease and finance products will meet their needs now and well into the future."
About DaimlerChrysler Leasing Thailand.
DaimlerChrysler Leasing (Thailand) Co., Ltd. is the financial services provider for DaimlerChrysler products and affiliates in Thailand, as well as a growing number of other products and services. They are a member of Daimler Chrysler Services (AG), the financial service arm of DaimlerChrysler (AG), one of the largest industrial conglomerates in Europe.
Within the business line "Automotive" the company offers Hire Purchase, Finance Lease, Operating Lease and Star Choice to Mercedes-Benz and Chrysler customers in Thailand. Additionally, DaimlerChrysler provides "Fleet Financing" featuring custom packages for fleet vehicle funding to small, medium and large corporations for any make or model of vehicle.
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 six 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". 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.