NetSol Scores 4th Major Win in Chinese Market With Sale of LeaseSoft to Consumer Finance Operation of Global Automotive Manufacturer
Automaker to Use LeaseSoft in Launch of Vehicle Financing Operations in China
Win Establishes LeaseSoft as the Preferred Vehicle Finance Accounting and Portfolio Management System for Leasing Companies in APAC Region
CALABASAS, CA -- (MARKET WIRE) -- 02/22/07 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, announced today that it has secured its fourth major contract for LeaseSoft in the Chinese market in the past 12 months. The consumer finance operation of a leading, global automotive manufacturer is the latest customer to purchase the Company's flagship vehicle portfolio management system. It plans to deploy LeaseSoft in the launch of its vehicle financing operations in China this year.
The contract, valued at over $1.5 million, includes license, customization and maintenance fees. Under terms of the Agreement, the customer is purchasing LeaseSoft Retail Finance software with three application modules -- Credit Application Processing, Contract Management and Wholesale Finance, as well as receiving full software customization, system implementation, and ongoing maintenance and support services for the product.
Najeeb Ghauri, chairman and CEO, stated, "This latest win clearly establishes LeaseSoft as the preferred vehicle finance accounting and portfolio management system for leasing companies in the Asia-Pacific (APAC) region. Furthermore, it solidifies China as NetSol's #1 revenue-generating market, with a sales pipeline that is growing by leaps and bounds.
"Moreover, demand for LeaseSoft in the entire APAC region is very strong and the pipeline of opportunities displays greater visibility everyday. Consequently, we remain bullish on the prospects for LeaseSoft in APAC and expect near-term sales growth will come from contracts in Thailand, Australia and New Zealand.
NetSol has successfully implemented LeaseSoft in the Chinese operations of DaimlerChrysler Auto Finance and Toyota Motor Finance, and recently announced new LeaseSoft contracts with leading captive finance operations in Australia and China.
About NetSol Technologies
NetSol Technologies is a multinational provider of enterprise software and IT services 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. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in 40+ countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Toronto, and Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com.
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," "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.
Contacts: NetSol Technologies, Inc. Andrew Lea Vice President, Marketing & Corporate Communications Tel: +1 650-348-0650, ext 1171 Email: andrew.lea@netsoltek.com Investor Relations Christopher Chu The Global Consulting Group Tel: +1-646-284-9426 Email: cchu@hfgcg.com
Released February 22, 2007