CALABASAS, Calif., July 16, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that its wholly owned subsidiary NetSol Technologies (Pvt.) Limited has signed a joint venture agreement with Hyundai Information Technology Co., Ltd. (HIT) of South Korea.
Hyundai Information Technology has formed a technology consortium to bid on a proposed automated machine-readable passport and visa system (MRC/V) for the government of Pakistan. As part of the HIT consortium, which includes Korea Minting and Security Printing along with Neologix Inc., NetSol Technologies will be responsible for customization and maintenance of MRP/V system.
Pakistan has a population of over 135 million people. The Ministry of Interior, Government of Pakistan has launched an aggressive program to replace the country's existing manual process for reviewing passports and visas. The new automated systems will be integrated with the country's Automated Border Control system installed at all entry and exit points within Pakistan. This initiative will not only significantly strengthen passport and visa integrity but will assist Pakistan in combating terrorism and transnational crimes.
Pakistan's Ministry of Interior plans to automate approximately 28 Passport Offices located within Pakistan, visa and passport operations at ten various embassy locations as well as its Headquarters Director General Immigration and Passport in the capital city of Islamabad.
"We are pleased that HIT has selected NetSol Technologies to be their partner in this prestigious and mission critical project," said NetSol Technologies President Salim Ghauri. "Both companies are Software CMM Level 3 companies and HIT has extensive experience in handling large, complex projects. HIT has successfully completed a Fingerprint ID System worth $97 million for Korea's National Police Agency and are currently in the final phase of completing a $21 million project for Pakistan's Central Bank (State Bank of Pakistan). "
"This partnership demonstrates that Netsol's CMM Level 3 accreditation is beginning to yield tangible results," commented NetSol CEO Naeem Ghauri. "We are going to continue developing similar partnerships to position ourselves to bid on large infrastructure projects."
NetSol Technologies (Pvt.) Limited
NetSol Technologies (Pvt.) Limited Pakistan, a wholly owned subsidiary of NetSol Technologies, Inc., an end-to-end solution provider for the lease and finance, banking and financial services industries. Headquartered in Calabasas, 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 3 rating.
Hyundai Information Technology
Hyundai Information Technology (HIT) was established in 1993 with the integration of Hyundai affiliated computer department. HIT was founded in the efforts to establish the information infrastructure, which is the foundation of Korea's competitiveness, by providing information services based on System Integration (SI) of public corporations, financial companies, and enterprises. HIT has been successful in constructing and operating large-scale IT projects and has earned a reputation as `a total information service company representing Korea'. HIT's vision in the 21st century is to preempt new markets with specialized solution and become the "World's Best Business Partner" with world competitiveness. HIT is endeavoring to `create the highest customer value with the best information technology.' HIT has achieved SEI CMM Level 3 rating.
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.