NetSol Technologies Regains Full NASDAQ Compliance
CALABASAS, Calif., Sept. 27, 2010 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. ("NetSol" or the "Company") (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 NASDAQ has notified the Company that it has regained compliance with the minimum bid price requirement in Listing Rule 5550(a)(2) and met the requirements of the NASDAQ Listing Qualification Panel (the "Panel") decision dated March 22, 2010. Accordingly, the Panel has determined to continue the listing of the Company's common stock on the NASDAQ Capital Market exchange.
The letter from NASDAQ stated that on March 22, 2010, the Company was notified that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. On September 23, 2010, the Company's closing price was $1.39 per share, the tenth consecutive day it had exceeded the $1.00 per share threshold. Accordingly, NetSol has regained compliance with all applicable listing rules.
Najeeb Ghauri, Chairman and CEO of NetSol, stated, "As NetSol's CEO, I am always very conscious of shareholder value and am pleased to be back in full compliance. I believe that our fundamentals and business offering are very strong, and our team is dedicated in executing our business plans and strategy. What we are trying to build in NetSol is unique and critical for our blue chip global customers. Even after the recent appreciation, our current stock price does not reflect the real worth of the Company, but we trust that the market is beginning to realize our true value and potential and will reward our shareholders accordingly."
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (Nasdaq:NTWK) (Nasdaq Dubai:NTWK) is a worldwide provider of global IT 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, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, 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 162 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.
To learn more about NetSol, visit www.netsoltech.com.
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NetSol Technologies, Inc. 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 within the meaning of the Private Securities Litigation Reform Act of 1995, 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. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
CONTACT: RedChip Companies, Inc.
Investor Relations Contact:
Jon Cunningham
800-733-2447, Ext. 107
407-644-4256, Ext. 107
[email protected]
http://www.redchip.com
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Released September 27, 2010