CALABASAS, Calif., Sept. 23, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, announced today that it was ranked eighth in Deloitte & Touche's Los Angeles Technology Fast 50. The award recognizes NetSol's revenue growth of 2,017 percent from January 1998 through December 2002.
The program, now in its ninth year, recognizes the fastest growing technology companies headquartered in Los Angeles, Riverside, Santa Barbara, San Bernardino and Ventura counties. To qualify, firms also had to be technology and research driven; have been in business at least five years; and have had operating revenues of at least $50,000 in 1998 and $1 million in 2002. This year's list was topped by Pasadena-based Overture Services, Inc. and included such well-known Los Angeles area companies as Amgen and THQ.
"We are honored and thrilled with this recognition," said Najeeb Ghauri, NetSol's Chairman. "Given the current challenges of our market place and the overall economic climate, NetSol has had to work diligently and pragmatically toward our business vision. This ranking demonstrates what we know internally: We're headed in the right direction."
Mr. Ghauri added that the company is on track to complete its new facilities by the end of January 2004 and expects to be profitable by the end of its fiscal year June 30. NetSol currently employs 250 programmers, developers and sales staff and offers comprehensive IT services -- from consulting and application development to systems integration and outsourcing -- to clients around the world.
About NetSol Technologies, Inc.
NetSol Technologies is an 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. Their commitment to quality is demonstrated by achieving both ISO 9001 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.