CALABASAS, Calif., September 3, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWCD), a developer of proprietary software applications, announced today that its wholly owned subsidiary, NetSol Technologies (Pvt.) Limited, has signed a development agreement with United Kingdom-based DCD Group. Under the terms of the agreement, NetSol will develop a new, completely integrated, trade finance application for DCD's Trade Finance Division, which is one of the company's major business divisions. NetSol will retain intellectual property rights to the trade finance application.
"Trade finance has been one our core business activities," said DCD Group CEO Shabir Randeree. "Hundreds of businesses are working in partnership with the DCD Group through our specialist trade finance divisions in the UK, USA, Middle East and South Africa. It is imperative to the continual growth of this division that we evaluate our processes and keep them updated with the latest innovative technologies. We will depend on NetSol's industry expertise to provide DCD with a fully automated, end-to-end solution for its trade finance division -- one that will significantly increase operational efficiencies."
Randeree continued, "I believe it is important to note that we consider NetSol a valued information technology (IT) partner for our current and future IT initiatives. Their consulting team is currently evaluating both our factoring and trade finance divisions for an upgrade of existing systems with the latest technological advances. We are committed to an innovative and progressive approach, both internally and externally, as we provide the assistance necessary for our customers to grow their businesses."
"DCD is a valued shareholder and now an important client for NetSol," said NetSol CEO Naeem Ghauri. "We consider their selection of NetSol continued validation of the quality of our team, our products and our services. They are confident that we will deliver a solution to meet their most demanding requirements for one of their largest revenue producing divisions. We look forward to expanding our business relationship as we begin work with their factoring and accounting divisions."
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, South 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.
NetSol Technologies (Pvt.) Limited
NetSol Technologies (Pvt.) Limited Pakistan is a wholly owned subsidiary of NetSol Technologies, Inc., a leading end-to-end solution provider for the lease and finance, banking and financial services industries. Headquartered in Calabasas, Calif., NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, 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) certification.
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.