Contact Information: Contact: Investor Relations Christopher Chu Grayling Tel: +1-646-284-9426 Email: christopher.chu@us.grayling.com
NetSol Technologies Benefits From Strong Growth in the Chinese Automotive Market as Toyota Motor Finance China Upgrades NetSol Financial Suite License
| Source: NetSol Technologies, Inc.
CALABASAS, CA--(Marketwire - October 28, 2009) - NetSol Technologies, Inc. "NetSol" (NASDAQ : NTWK ) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business
services and enterprise application solutions to private and public sector
organizations worldwide, today announced that it has secured a significant
follow on contract fee from Toyota Motor Finance China. The additional
NetSol Financial Suite (NFS) license fee is attributed to the rapid growth
in Toyota Motor Finance's business portfolio volume in the Chinese market,
which in turn triggered the additional license upgrade for the NFS Credit
Application Processing System (CAP) and Contract Management System (CMS).
The agreement also calls for additional ongoing maintenance revenue to
support the expanded license base.
Mr. Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive
Officer, commented, "I would like to congratulate Toyota Motor Finance
China for the rapid growth of their automotive business in China. The
NetSol team's ability to be agile in terms of quickly responding to the
rising demands associated with the expansion of the Chinese auto market
reflects the professional support NetSol is dedicated to providing to help
meet Toyota's increasing auto finance business in China. As a market leader
for automotive captive finance solutions in the Chinese market, NetSol is
well positioned to support its customers' dramatic organic growth in the
region. With China recently surpassing the United States in terms of
monthly automobile sales, to become the world's largest automotive market,
and increasing levels of consumer finance activity, we continue to see
tremendous opportunities for growth in the Chinese captive finance market."
Each NetSol contract signed globally now includes a pricing point structure
whereby additional license fees are payable to NetSol once a client
portfolio reaches certain milestones. As the growth in the Chinese
automotive sector has outperformed most global markets, NetSol expects to
benefit from such upgrades as the company's other captive automotive
finance clients grow their businesses in the region.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (NASDAQ : NTWK ) (NASDAQ DUBAI: NTWK) is a
worldwide provider of global business services and enterprise application
solutions. Since its inception in 1995, NetSol has used its BestShoring™
practices and highly experienced resources in analysis, development,
quality assurance, and implementation to deliver high-quality,
cost-effective solutions. Specialized by industry, these product and
services offerings include credit and finance portfolio management systems,
hospital/healthcare information management systems (HIMS), SAP consulting
and services, custom development, systems integration, and technical
services for the global Financial, Healthcare, Insurance, Energy, and
Technology markets. NetSol's commitment to quality is demonstrated by its
achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering
Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a
distinction shared by fewer than 100 companies worldwide. NetSol
Technologies' clients include Fortune 500 manufacturers, global automakers,
financial institutions, utilities, technology providers, and government
agencies. Headquartered in Emeryville, California, NetSol Technologies has
operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and
San Pedro Sula.
To learn more about NetSol Technologies, Inc., visit www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0
NetSol Technologies, Inc. Forward-looking Statement
This press release may contain forward looking statements relating to the
development of the Company's products and services and future operation
results, including statements regarding the Company that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect,"
"anticipate," "intend," variations of such words, and similar expressions,
identify forward looking statements, but their absence does not mean that
the statement is not forward looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Factors that could affect the
Company's actual results include the progress and costs of the development
of products and services and the timing of the market acceptance.