CALABASAS, Calif., June 24, 2003 (PRIMEZONE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a developer of proprietary software applications, today announced that DaimlerChrysler Services New Zealand has selected NetSol Technologies' LeaseSoft.CAP software solution to automate their credit application process. NetSol's LeaseSoft.CAP (Credit Application Processing) middleware product has been successfully implemented at other independent DaimlerChrysler Service companies including those in Australia and Thailand, as well as companies such as UMF in Singapore and Tung Yang Leasing Company in Taiwan. NetSol's finance application products range in price from $150,000 to $500,000 per module.
LeaseSoft.CAP is a mature, technologically advanced product targeting the leasing industry. LeaseSoft.CAP provides an automated process for financing organizations to handle incoming credit applications from a variety of automobile dealerships. Data regarding credit applications is gathered from financial information portals such as credit rating agencies, glasses guides and scorecards. The collective data is automatically appended to credit applications, which are then placed into a review cycle, accelerating the credit team member's decision-making process. Unlike other application packages developed for the leasing industry, NetSol's LeaseSoft provides a fully integrated solution for the leasing and financial services industries. Customers can select specific modules such as LeaseSoft.CAP from the LeaseSoft suite or elected to install an end-to-end LeaseSoft solution.
"Each DaimlerChrysler Services organization independently evaluates and selects its technology solutions," said NetSol Technologies President Salim Ghauri. "We feel that DaimlerChrysler New Zealand's selection of our LeaseSoft solution, which is developed in our Software Engineering Institute's Capability Maturity Model certified facilities, validates the strength of our LeaseSoft product as well as our ability to provide the high level of service they require to maintain their exemplary customer satisfaction level."
"Our LeaseSoft solutions are quickly becoming dominant in large, well-known leasing organizations in the Pacific Rim and Asia, a clear step towards market leadership," commented Ghauri. "We believe our reputation for quality products and service will continue to open doors in major organizations, including those within the U.S. market."
DaimlerChrysler Services New Zealand
DaimlerChrysler Services New Zealand is the financial services provider for DaimlerChrysler products and affiliates in Thailand as well as a growing number of other products and services. They are a member of Daimler Chrysler Services (AG), the financial service arm of one of the largest industrial conglomerates in Europe.
NetSol Technologies, Inc.
NetSol Technologies is a leading end-to-end solution provider for the lease and finance, banking and financial services industries. 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) 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.