CALABASAS, Calif., April 30, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that Shabir A. Randeree, Managing Director of the DCD Holdings Ltd., has accepted an invitation to join NetSol Technologies' Board of Directors. DCD Holdings signed a $2.0 million investment agreement with NetSol in February 2003 and is one of NetSol's largest Investors. A subsidiary of DCD Holdings, DCD Trade Services Ltd. has recently provided a $1 million revolving line of credit to support and launch new customer projects requiring initial investment. DCD Holdings has worldwide representation and manages investments of approximately $650 million.
"Shabir joins NetSol as a board member and, as a managing director of DCD, a substantial investor at an exciting and pivotal point in the company's growth strategy. We will draw upon Sharbir's broad scope of experience and knowledge of the financial and business communities to assist us as we continue to strengthen and expand our position as a software solutions provider to the leasing and financial services industry," said NetSol Chairman Najeeb U. Ghauri.
"Our far-reaching business relationships provide NetSol with access to a variety of industries that will present NetSol with significant business opportunities," commented Randeree. "The product offerings developed by NetSol are typical of business solutions many leasing and financial organizations have been searching for. I hope to facilitate opportunities for these products as well as leverage my knowledge of the industry for the ongoing enhancement of these products."
Randeree is currently Group Managing Director of DCD London & Mutual Plc., a group formed to merge DCD Holdings' UK businesses including a company acquired from Randeree. The organization currently manages approximately $200 million in assets. Prior to joining DCD Holdings, Randeree founded Warrenby Limited, providing an alternative approach to international trade finance and real estate commercial investments in the UK. DCD Holdings acquired the company in 1990. Prior to founding Warrenby Limited, Randeree held the position of Sales and Financial Director for Dominion Clothing Distributors Limited where he expanded and diversified the company's core business.
Randeree currently holds directorships in other organizations including the South African-based Albaraka Bank Ltd., Brondesbury Park Hotel Ltd., Collins Leisure Ltd., Tarhouse Management Ltd., and DCD Properties Ltd.
About DCD Group
The DCD Group, headquartered in the United Kingdom, was founded in 1975. Today, it is an investment company with an array of interests from finance and property to information technology and leisure management. The company has an extensive network of offices from the United States to the Middle East, Southern Africa, India, Australia, and Pakistan. The dedicated DCD management and advisory team(s) are (is) ably supported by a loyal group of clients, investors, and bankers, all of whom have contributed to the company's continued achievement and success. The Group's turnover in 2001 surpassed the $600 million mark for the first time in its history and it has investments under management approaching $650 million.
About NetSol Technologies, Inc.
NetSol Technologies is a leading end-to-end solution provider for the lease and 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 and finance activities. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., U.K., 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 many 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.