NetSol Expands Into Healthcare Sector Automation
IT Services Contract Win From a Major Public Sector Hospital Reflects NetSol's Penetration Into Hospital Management Systems (HMS)
CALABASAS, CA -- (MARKET WIRE) -- 10/01/07 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of IT services and enterprise solutions, today announced that NetSol's Asia-Pacific Division has won a contract to design and implement an IT system for a major public sector hospital. This opportunity for NetSol represents a new business sector vertical for the Company, focused on the development and implementation of Hospital Management Systems (HMS). NetSol will be collaborating on this project with a partner organization that specializes in process automation for the healthcare sector and related services through its indigenously developed software applications.
NetSol and its partner are working towards the research and development of a ubiquitous Hospital Management System that will serve as an automated, secure and integrated solution for any hospital's clinical, financial and management needs. This collaboration enables each party to complement the unique capabilities of the other and will provide prospective customers with the best combination of capabilities to achieve project objectives.
Mr. Najeeb Ghauri, chairman and CEO, commented, "The healthcare sector in Pakistan is growing at a very fast pace and there is a strong demand for the development and implementation of Hospital Management Systems. As a new vertical for NetSol, we see tremendous opportunity for growth in this new niche. The final HMS solution developed by NetSol and our technology partner will ultimately be marketed globally."
About NetSol Technologies
NetSol Technologies is a multinational provider of IT services and enterprise solutions to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com. Click here to join the NetSol Technologies, Inc. email distribution list: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.
Forward-Looking Statements
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," "will," "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.
NetSol Contacts: NetSol Technologies, Inc. Tina Gilger Chief Financial Officer Tel: +1 818-222-9195, x112 Investor Relations Christopher Chu The Global Consulting Group Tel: +1-646-284-9426 Email: cchu@hfgcg.com
Released October 1, 2007