CALABASAS, Calif., July 15, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, announced today that it has joined the ranks of other elite software development and information technology organizations. NetSol's development facility in Lahore, Pakistan, has been recognized by the Carnegie Mellon Software Engineering Institute (SEI) at Level 3 of SEI's Capability Maturity Model (CMM). The company attained this much sought after recognition in just 16 months and is the only such rated company in Pakistan. Currently, there are only 164 companies in the world that have announced their CMM Level 3 rating.
Rayney Wong, CMM Lead Assessor from Xerox Singapore Software Centre, Fuji Xerox Asia Pacific Pte Ltd., conducted NetSol's CMM assessment. "We are pleased to notify NetSol management that they have achieved CMM Level 3," said Wong. "Level 3 indicates that all projects within the company are following common processes as defined at the organizational level and that staff members are kept informed of their individual areas of improvement. Enhanced product quality and software processes are now performed simultaneously in all projects across the organizational infrastructure resulting in faster project turnaround and a shortened time-to-market. We look forward to NetSol achieving higher levels in the maturity model in the near future."
"Achieving CMM Level 3 rating has taken us a step closer to creating a center of excellence for software development in Pakistan," noted NetSol President Salim Ghauri. "As one of only 164 companies in the world with a Level 3 rating, NetSol's customers and shareholders can be confident that we have the expertise to deliver world class software products and services. We are proud of the hard work and dedication of our employees which led to achieving this remarkable milestone in the history of this company."
"I would like to share with NetSol shareholders, employees and customers an excerpt from a congratulatory message we received," continued Ghauri. "This is from Mr. Awais Ahmad Khan Leghari, Federal Minister of IT and Telecommunications, Pakistan:"
It gives me great pleasure to hear that NetSol Technologies has attained CMM Level 3 rating. This is a wonderful achievement not only for the company but also for the whole IT industry of Pakistan. NetSol could not have done it at a better time as after a global downturn in the IT sector things are finally turning around. It is a very healthy sign for the industry and the country that a local company has achieved a world acclaimed rating. I would finally like to forward my heartiest congratulations to NetSol for achieving this milestone for the company, the industry and the country.
About CMM
The Capability Maturity Model for Software (CMM or SW-CMM) is a model for judging the maturity of the software processes of an organization and for identifying the key practices that are required to increase the maturity of these processes. The SW-CMM has been developed by the software community with stewardship by the Software Engineering Institute (SEI), Carnegie Mellon University.
The SW-CMM has become a de facto standard for assessing and improving software processes. Through the SW-CMM, the SEI and community have established an effective means for modeling, defining, and measuring the maturity of the processes used by software professionals.
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. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 certification and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 3 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.