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(e) None of the Registrants has, during the past five years, been a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting, or mandating activities subject to, Federal or State securities
laws or a finding of any violation with respect to such laws.
INSERTED REMARK BY TINGLEFF:
How about the case in NYC ?
(f) Citizenship:
BW Master Fund - British Virgin Islands
BW Partners - Delaware
PSM - United Kingdom
Mr. and Mrs. Harman -- USA
Dr. Vogel -- USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of shares purchased were 3,103,840 (the
"Registrants' Shares"). The sources of funding for the purchase of the
Registrants' Shares were the personal funds of Mr. and Mrs. Harman and Dr.
Vogel and the working capital of each of BW Master Fund, BW Partners and PSM.
ITEM 4. PURPOSE OF TRANSACTION
Registrants have determined that they are not satisfied with current
management of the Issuer, and have agreed to form a group for the purpose of
exploring available options to maximize shareholder value. As of the date
hereof, Registrants have formed NetSol Shareholders Group, LLC, a Nevada limited
liability company, in order to facilitate their group activities. Registrants
intend to actively seek out and consider all available alternatives, including,
but not limited to, replacing some or all of the current Board of Directors and
executive officers of the Issuer with a new management team, merging with or
being acquired by another corporation, and attracting additional shareholders,
business partners or other investors for purposes of generating additional
financing to acquire control of the Issuer. Registrants may engage business and
financial advisors, and legal counsel, to assist in their evaluation and
consideration of available alternatives.
Depending on the market price of the Shares and upon other
conditions, Registrants may acquire additional Shares from time to time in the
open market or otherwise or may seek to acquire Shares from the Issuer, at
prices which Registrants may determine to be appropriate. In addition, depending
upon market prices and other conditions, Registrants may dispose of Shares at
any time and from time to time in the open market or otherwise at prices which
Registrants may determine to be appropriate.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the close of business on April 25, 2001, Registrants may be
deemed to beneficially own, in the aggregate, 3,103,840 Shares, representing
approximately 26.8% of the Issuer's outstanding Shares (based upon the
11,592,997 Shares stated to be outstanding as of April 10, 2001, by the Issuer
in the Issuer's Form S-3 Registration Statement, filed with the Securities and
Exchange Commission on April 24, 2001).
(b) BW Master Fund has sole voting power and sole dispositive power with
regard to 2,175,200 Shares. BW Partners has sole voting power and sole
dispositive power with regard to 277,400 Shares. The limited partners of BW
Master Fund are Blue Water Partners I, L.P. and Blue Water Fund, Ltd. Because
they are the only limited partners of BW Master Fund, their ownership of
interests in BW Master Fund may, under SEC interpretations, be deemed ownership
of the securities owned by
BW Master Fund, L.P. Blue Water Partners I, L.P. and Blue Water Fund, Ltd. each
specifically disclaims ownership of the securities described in this report. BW
Partners holds title to and has sole power to vote or to direct the vote of
277,400 of the 2,452,600 Shares described in this filing. Blue Water Partners,
L.L.C. is the general partner of each of BW Master Fund, and BW Partners, and as
such may, under SEC interpretations, be deemed a beneficial owner of the
securities held by the partnerships. Blue Water Partners, L.L.C. specifically
disclaims ownership of the securities described in this report. JDI Management
Corp. provides investment advisory services to Blue Water Partners, L.L.C., and
as such may, under SEC interpretations, be deemed a beneficial owner of the
securities held by the partnerships. JDI Management Corp. specifically disclaims
ownership of the securities described in this report. Jonathan D. Iseson holds a
controlling interest in JDI Management Corp. and as such may, under SEC
interpretations, be deemed a beneficial owner of the securities held by the
partnerships. Jonathan D. Iseson specifically disclaims ownership of the
securities described in this report.
PSM has sole voting power and sole dispositive power with regard to 100,000
Shares. Mr. and Mrs. Harman have sole voting power and sole dispositive power
with regard to 88,000 Shares. Dr. Vogel has the sole voting power and sole
dispositive power with regard to 463,240 Shares.
Kr
Jens
So that was the rumor of Ghauris losing power.
There are rules, and a group of manipulators cannot change that IMO - They can ruin the company sure, but that would really be too stupid wouldn't it
Kr
Jens
Always store it on board: Thursday April 26, 9:25 am Eastern Time
Press Release
Shareholders of NetSol International, Inc. Form NetSol Shareholders Group, LLC to Explore Available Options to Maximize Shareholder Value
LAS VEGAS--(BUSINESS WIRE)--April 26, 2001--A group of shareholders holding over 25% of the outstanding shares of NetSol International, Inc. (Nasdaq:NTWK - news) today announced that they are not satisfied with current management of the company, and have formed NetSol Shareholders Group, LLC for the purpose of exploring available options. Options under consideration include replacing some or all of the current Board of Directors and executive officers of NetSol with a new management team, merging with or being acquired by another corporation, and attracting additional shareholders, business partners or other investors for purposes of generating additional financing to acquire control of the company.
The shareholders, including Blue Water Partners which holds over 21% of the outstanding shares, Dr. Henry Vogel, who owns approximately 6% and PSM International Limited which owns approximately 1%, have filed a Schedule 13D with the Securities and Exchange Commission describing the members of the shareholder group and their intended course of action.
Forward-Looking Statements
This press release contains predictions, estimates and other forward-looking statements which include, but are not limited to, statements regarding the likelihood and timing of the closing. These statements are subject to risks and uncertainties and actual results may differ materially from any future performance suggested above. The parties issuing the release undertake no obligation to publicly release any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
--------------------------------------------------------------------------------
Contact:
For NetSol International, Inc.:
Greenberg Traurig, LLP, Santa Monica, Calif.
John C. Kirkland, Esq., 310/586-7738
kirklandj@gtlaw.com
Kr
Jens
One of the coming days we should be able to see how the Pegasus selling made any impact on the short positions.
http://www.viwes.com/invest/shorts/query.cgi?q=NTWK&j=0&n=3
The figures will be as per 15. so latest movement in the stock price isn't included. Meaning, if the major part of the short position was covered per 15. - the recent rise in price is not connected to the major short part from may 2000 covering.
----
Netsol web-site the map had new offices plottet in - Supernet is still there, but not mentioned in the infrastructure.
http://www.netsol-intl.com/offices.htm
http://www.netsol-intl.com/infrastructure.htm
----
Kr
Jens
The who is who and who does what -
Losten - netsoL
Bijoux tried to make us believe he was Najeeb on the RB board while signing one of his messages jeeb.
beej <> jeeb = short for Najeeb
Analysing the e-mails around the US embassador speech in Lahore at NTWK site - lead to firm believe that Bijoux on RB is Nosesi ah sorry Iseson.
---- Who else does like that - I know one, Adam Arif notorious crook with the company Firamada FAMH
Perhaps something Freud did not see. Nah, probably too little research for a Doctors degree there. But it could apply to people that got some of lives attitudes backwards - JMO
Kr
Jens
Naeem and Shahab is Losten_2001's message.
http://www.netsol-intl.com/senior_officers.htm
Doesn't seem bad to me, if they leave and leave room for others.
Kr
Jens
The recent posted S-3 reg was replacing a previous one - here is the withdraw of the old one:
http://www.freeedgar.com/search/ViewFilingsData.asp?CIK=1039280&Directory=912057&Year=01&...
Kr
Jens
OT: I'm not always around - You are all able to post messages when news and filings come out - Please do so
Kr
Jens
There is a pattern to learn if one want to get same gains as the professionals
S-3 filing
http://www.freeedgar.com/search/ViewFilingsData.asp?CIK=1039280&Directory=912057&Year=01&...
Kr
Jens
Kr
Jens
NetSol International Approved as Government Contractor
CALABASAS, Calif., Apr 23, 2001 (BUSINESS WIRE) -- NetSol International, Inc. (NASDAQ: NTWK;www.netsol-intl.com), a global provider of customized software and professional services, today announced that is has been approved to pursue government contracts through the General Services Administration (GSA) schedule of information technology.
The GSA of the federal government manages the procurement of more than $5 billion in information technology spending. To date, an average of $180 million is awarded to the top 100 vendors through government contracts; it is expected that each GSA contract will increase 25 percent over the next ten years. For more information on GSA, visit www.fss.gsa.com.
"This is a significant new sales channel for NetSol, and our team plans to aggressively pursue this opportunity," said Najeeb Ghauri, CEO. "We are confident that NetSol's high quality information technology and services, which are the products of a dedicated and talented group of developers and project managers, will be an excellent resource for the federal government."
Dr. Nasim Ashraf, Executive Vice President of Business Development and Public Affairs, and NetSol's sales office in Virginia will represent NetSol in bidding on GSA technology government contracts, which are determined through a formal RFP (Request for Proposal) process. Dr. Ashraf has extensive experience with government relations and public policy to the project; in 2000 he represented NetSol in the nation's capitol, at a special IT roundtable that included President Bill Clinton and U.S. Treasury Secretary Robert Rubin.
About NetSol International Inc.
NetSol International Inc. is an ISO-9001 certified software developer in the global information technology industry. With an international workforce of more than 400 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of eBusiness and Web-based solutions for a growing list of blue chip customers worldwide. Clients include Daimler Chrysler Taiwan; Mercedes Benz Financing, Australia; Mercedes Benz Leasing, Thailand; Volvo Finance Australia; International Decision Systems, Inc.; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; VoiceStream; Prism Inc, USA; Global One, USA; Clinical Interactions and Askari Leasing Ltd. For more information about NetSol and its subsidiaries, visit the company's web site at www.netsol-intl.com.
Safe Harbor Statement
This release contains 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
CONTACT: Investors: NetSol International Inc.
Steve Cella, 732/245-5056
scella@home.com
or
Media: Cramer-Krasselt
Amy Dolnick, 312/616-3823
adolnick@c-k.com
Kr
Jens
Willow Cove Investment Group Inc. Initiates Coverage on NetSol International.
SEATTLE, April 20 /PRNewswire Interactive News Release/ -- Willow Cove announces it has retained senior technology analyst Mr. Todd Pitcher who is initiating coverage on NetSol International (Nasdaq: NTWK) with a long-term buy rating.
-- Fundamentals remained intact and continue to improve for the company.
-- NetSol continues to gain traction with their suite of finance and
leasing software products.
-- NetSol's acquisition of Intereve Corporation is progressing more
rapidly than expected.
Other notes: Other companies covered by Mr. Pitcher include: Portal Software, Gemstar International, Eagle Wireless, Worldgate Communications, Motorola, Liberate Technologies, Infospace.
For further information, contact Mr. Todd Pitcher at (619) 515-0200.
Willow Cove Investment Group Inc.
This material is for your private information, and we are not soliciting any action based upon it. This report is not to be construed as a solicitation to buy or sell any securities in any jurisdiction where such an offer would be illegal. The material is based upon information that the Company considers to be reliable but it does not guarantee that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are current opinions as of the date appearing on this material only, and of Todd M. Pitcher. While it endeavors to update material on a reasonable basis, the information discussed herein, there may be regulatory, compliance or other reasons that prevent us from doing so. Its officers, directovs and employees, including persons involved in the preparation of this material may from time to time, have long or short positions in, and may buy or sell the securities or the derivatives of companies mentioned herein.
Willow Cove Investment Group Inc. is a member of the National Association of Securities Dealers, CRD number 107824.
Kr
Jens
Unnamed director could be Earl Shannon. eom
Kr
Jens
10QSB amended - Including the litigations:
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is currently party to one dispute filed by a former Officer, which involves litigation. The plaintiff filed a Complaint for Declaratory Relief on May 9, 2000 in the Los Angeles Superior Court (Case No. BC229642). The Plaintiff contends that, on or about May 29, 1998, he was granted 120,000 options at a $0.01 per share exercise price. The Company has responded that options were originally granted by the Board to all board members but later all of the directors agreed to forego such grant, and none of the directors received such options as the Plaintiff claims were granted to him. The parties are in the discovery stage of the proceeding. The Company denies the allegations and is currently defending the action.
The Company is currently involved in proceedings with Adrian Cowler and The Surrey Design Partnership Limited, the former owners of Network Solutions Group Limited ("NSGL"). By a written agreement dated 13th August 1999 the Claimants agreed to sell the entire issued share capital of NSGL to the Company. The consideration for the sale was specified newly issued shares in the Company. It was agreed that the Company's lawyers would hold these shares in escrow for one year and within seven days of the end of the one-year period the Company would deliver shares to the Claimants' solicitors. If the Company were to make any written claim (within the one year period) then the Company's lawyers were to withhold delivery of the consideration shares pending final adjudication of the claim.
On August 11, 2000 NetSol delivered a written claim to the Claimants based on misrepresentation as to the financial information provided to the Company upon the acquisition and since that date the Company's lawyers have withheld delivery of the consideration shares. The Claimants have now commenced proceedings to seek delivery of the consideration shares and/or damages. The Company has counterclaimed and alleges that it was induced to enter into the agreement by pre-contractual misrepresentations as to financial information, customer base and goodwill. The Company's primary claim is for rescission of the agreement and, in the alternative, alleges that the Claimants were in breach of a series of warranties and failed to deliver draft figures for inclusion in the Completion Accounts (i.e., financial statements).
The Claimants filed its Particulars of Claim on October 2, 2000 in the High Court of Justice, Queen bench Commercial Division, Commercial Court and the Company served its Defense and Counterclaim on December 13, 2000. The parties are currently in the disclosure stage of proceedings.
-------------------------------------------------------
Kr
Jens
Why should Conca do that ? - And what is his power to do so ?
Mighty strange IMO!!!
Kr
Jens
Hi Bob - Congrats and good luck here - A question:
Is the PM area here a safe place to talk - Meaning can anyone but sender and receiver in any way get in and read the content of the private messages ?
Kr
Jens
Some might ask why we should sue both parties - Here's why:
Both Markow and Bockler are responsible for the inside war ruining the company.
Further grounds for suing may be added by the ones, who previously stood by either side and who will now take part against the parties.
Both must be placed in a position where they are not able to further harm the company. - Distance must be made between the company and their (SB & MM) internal war.
Many things in the OTCBB world are changing - Yesterdays unregulated playground is now being significant better regulated and under much better surveilance - Thus Markow's peasants and runners might reconsider shifting to white, while it is time, and the Markow playground and towers only tremble.
Thoughts ?
Kr
Jens
Perhaps it is time for the individual investors here to consider legal action against both the kindergarten parties.
We might even be able to fund ATEL with the outcome from such action.
Some old connections from the bottom of the kindergartenparties food chain, might reconsider their loyalty too - and join us. -
I even got a feeling that there is another party used to help out in distressed securities that may want to participate too.
Thoughts from the individual investors are welcome.
Kr
Jens
Voluntary disclosure: Individual Long
Kr
Jens
Yesterdays selling is not directly connected to the UK suits.
Herzog is selling was the message - A friend of mine recall that Herzog was one of the names answering messages on Pegasus Beteiligung's messageboards back when they had such.
Pegasus Beteiligung was VC in Supernet and participant in the deal.
So probably yesterdays selling was 144 shares from the Supernet deal. Will be interesting to see how it affects the short positions.
Yesterdays speculative "X"-holder drivel - Could still be valid if NetSol is also in the process of cleaning house there at Supernet.
Kr
Jens
Kr
Jens
What do you do when you face a 450K£ + damage suit coming your way due to delivering a poor DD service during acquisition phase: Legal warfare rule number 1: Cripple the opponent.
Speculation - "X" Had a bunch of restricted shares, say 300K - "X" short sold 300K 10 months ago - Now when the heat of a suit approach, "X" sell a couple of hundred K of restricted at market and then cover the short position with 100 restricted and 200 rebought as limited buys.
Result: MMs are happy campers - "X" cleared the blackboard with some loss, but was very happy already 10 months ago - and NTWK shares suffered, thus pulling a limb of NTWK's ability to fight their rights.
The dept of that speculation can be checked in some 24 days in the short reports, combined with some 144 filings.
----------
Some may remember I have been talking against the short trading option, and that it at the end of the day would ruin the stock market, thus ruin legit companies opportunities to obtain good funding via stocks.
I'd say that what the general stock markets does currently partly is to respond to all the odd tricks, with the lowering of the percentage of funds placed in stocks. It isn't just the tech area that suffers, all areas are down - Meaning funding is drawn out of stocks and into other ventures.
The greed of the odd tricks society, heavily exploiting every thinkable corner, have cut the branch they sat on to a degree where it is nearly breaking of.
For some time far over 90% of all the money moving into the market have gone to pay for trading, and ended up in short term schemes lining some investors pockets. IMO Far less than 10% perhaps less than 1% of the money entering the market have been active in building real business and real growth values.
It is time for changes - It is time that the companies get 80%+ to build business and less than 20% goes to trade administration and short term profits. The mid and long term profits must derive from the real values growth.
NTWK is a shining example - at a time a market value over 500MM$, and the company never had even 1% of that amount in cash to support the building of a real value of that size.
Thank you for taking the time to read my take - pass it on if you agree - stay on virtual reality and support the gamemakers as long as possible if you disagree.
It is all about attitude towards INVESTING - is it a game or is it indeed assisting in the real future beeing build, and beeing rewarded for chosing the right areas to invest in.
I wonder if it is possible to maximize the part of an investment going to the company by buying shares direct from the company.
Netsol have, as far as I understand, authorized shares that I imagine could be traded like that.
Kr
Jens
Tariq Khan sold another 50K late in March:
http://www.insidertrader.com/freestuff/search.asp?criteria=NTWK&search=1
Kr
Jens
Now how is it about those lawsuits in England:
This same story came from different sources:
NTWK is suing the former owners of NetSol UK Ltd for misrepresentation of debt in the books - Apparently the debt was booked as a liability of 50K£, now it seems that the reality was 500K£. The former owner Adrian Cowler makes a counterclaim suing NTWK for breach of contract.
Still to be considered rumors as the different sources may have same source.
Some seem to blame Najeeb, I'd say the acting consultant should be the one to blame.
Kr
Jens
Recent trading actitivy perhaps will raise some questions on Float, Restricted and OS - Here's the contact sheet for the TA:
http://www.amstock.com/shareholder/contact/index.html
They should be able to clear up many emerging questions.
Kr
Jens
Ah, watch out - the dates - Yahoo "losten" message was Mar. 27. - The Lawreports site regarding Queens Bench - even though talking about this and last week cases and daily updates - apparently isn't updated since Mar 23.
http://www.lawreports.co.uk/indexdln.htm
So eating my words about BS rumor until further.
Kr
Jens
Right - checked and double checked - no result. eom
Kr
Jens
Nothing in The Times either
http://www.thetimes.co.uk/section/0,,104,00.html
Starting to smell like BS rumors.
Kr
Jens
Yahoo message mentioned Queens Bench Division:
Not finding anything there either
http://www.lawreports.co.uk/qb-div.htm
http://www.swarb.co.uk/lisc/Queens_Bench_01.html
Searching mentioned participant cowley - no result either:
http://freefind.com/servlet/freefind/search.html?id=8544084&pageid=r&query=cowley&mode=F...
Kr
Jens
Haven't found anything further on the subject lawsuit:
yahoo message:
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404...
and:
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=1600540471&tid=ntwk&sid=16005404...
--
Kr
Jens
In the week passed - Monday, Thursday and Friday afternoon all had increased activity.
Monday had some serious selling, Thursday some selling too but ended up with support, which did not come Friday after the selling.
Institutions - I'm not sure when 1.Q2001 will be updated:
http://www.insidertrader.com/freestuff/ticker_summary.asp?search=1&criteria=NTWK
Insiders - Updates around 14 days after filing:
http://www.insidertrader.com/freestuff/search.asp?search=1&criteria=NTWK
End of a quarter could be BW had to unload some to pay investors withdrawing - I think it's 2 or 5% of holdings traded, that call for BW to file, so if they traded 100K we should soon se a filing.
And of course the shares from Deephaven may be part of it too.
Institutions reentering will IMO very much be connected with signs of positive gross income. You will see same trend in other tech biz for example 3COM - even though financially strong their lack of positive gross income sets a delimiter at 40% discount to book value. NTWK is still trading above Book, which is probably a part of the reason the short position increased.
Kr
Jens
A rumor about litigating in UK was posted on Yahoo boards.
Haven't been able to find any substance, but still digging.
Kr
Jens
Kr
Jens
NetSol International to Provide Leasing Software to Askari Leasing Ltd.
CALABASAS, Calif., Mar 28, 2001 (BUSINESS WIRE) --
Askari Leasing Ltd., one of the largest asset leasing companies in Pakistan, has engaged NetSol International (NASDAQ:NTWK;www.netsol-intl.com) for the automation of its asset based leasing business. NetSol will provide Askari with a turnkey, web-enabled solution to replace the existing legacy systems.
"We chose NetSol's software because it increased operational efficiencies and improved customer service for numerous blue-chip clients and other successful international companies," said Mr. Taimur Afzal, CEO of Askari Leasing Ltd. "The leasing industry in Pakistan is growing at rapid pace, and we are confident that NetSol's offering will help Askari Leasing retain its competitive edge."
Components of the system to be implemented by 2003 include NetSol ePOS (Credit Application systems), which will connect Askari leasing dealers throughout Pakistan with their head office in Islamabad, and NetSol PMS (Proposal Management Systems), which is a credit application approval system. Once the initial systems are in place, the third component, NetSol CMS (Contract Management Systems) would be implemented. As part of the project, NetSol would help re-engineer Askari Leasing's process and train its staff.
Askari Leasing Ltd. currently has an asset base of $110 million. Askari Leasing during 1999-2000 disbursed leases in excess of $50 million. This is the largest disbursement ever made by any leasing company in Pakistan during a 12-month period. The Pakistan Credit Rating Agency (PACRA), has maintained Askari Leasing's entity rating at "A" for long term and "A1" for short term obligations based on the results of June 30,1999.
NetSol currently provides leasing and finance software for, among others, various global divisions of Daimler Chrysler Financial Services, GMAC, VoiceStream, Volvo and Clinical Interactions.
"Askari's choice of our leasing software signifies that a growing number of clients worldwide are looking to NetSol for a scalable and reliable solution that affects a company's bottom line," said Pakistan-based Salim Ghauri, president, NetSol International Inc. "Our team looks forward to a partnership with a local client like Askari and working toward securing additional projects in the region."
About NetSol International Inc.
NetSol International Inc. is an ISO-9001 certified software developer in the global information technology industry. With an international workforce of more than 400 employees, NetSol specializes in software development, proprietary and asset-based leasing and finance programs, IT consulting, and creation of eBusiness and Web-based solutions for a growing list of blue chip customers worldwide. Clients include Daimler Chrysler Taiwan; Mercedes Benz Financing, Australia; Mercedes Benz Leasing, Thailand; Volvo Finance Australia; International Decision Systems, Inc.; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; VoiceStream; Prism Inc, USA; Global One, USA; Clinical Interactions and Askari Leasing Ltd. For more information about NetSol and its subsidiaries, visit the company's web site at www.netsol-intl.com.
Safe Harbor Statement
This release contains 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.
CONTACT: Cramer-Krasselt
Amy Dolnick, 312/616-3823
adolnick@c-k.com
Kr
Jens
MGSC - one record in the public books:
******** REGULATORY ACTION (1 of 1) ********
Reporting Source: Regulator (Form U-6)
Date Reported: 09/12/2000
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Date initiated: 08/28/2000
Docket/Case Number: C06000016
Allegations: 09/12/00EC: NASD RULES 2110; 1031 AND 3010(B) -
RESPONDENT MEMBER, ACTING THROUGH ITS PRESIDENT, PERMITTED AN INDIVIDUAL TO SERVE AS A GENERAL SECURITIES REPRESENTATIVE AND THEREBY ENGAGE IN THE INVESTMENT BANKING OR SECURITIES BUSINESS EVEN THOUGH SUCH INDIVIDUAL HAD NOT BEEN REGISTERED WITH RESPONDENT IN ANY CAPACITY; FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE WRITTEN PROCEDURES THAT WERE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND REGULATIONS, AND WITH THE ASSOCIATION'S RULES, IN THAT THE FIRM'S PROCEDURES FAILED TO ADEQUATELY ADDRESS THE ASSOCIATION'S RULES GOVERNING REGISTRATION OF PERSONNEL.
Current Status: Final
NASDR Public Disclosure Program March 23, 2001
Page <PAGE#>
This information is current as of: 03/23/2001
______________________________________________________________________________
__
NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
REGULATORY ACTIONS(cont.)
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Censure
Monetary Amount: $14,000.00
Resolution
Details: A CENSURE AND FINE OF $14,000, WHICH INCLUDES THE
DISGORGEMENT
OF COMMISSIONS EARNED OF $9,000. $13,000 OF THAT
$14,000 FINE
IS PAYABLE JOINTLY AND SEVERALLY.
Summary:
***********************************
Reporting Source: Regulator (Form BD)
Date Reported: 12/13/2000
Initiated By: NASD REGULATION, INC.
Date initiated: 07/28/2000
Docket/
Case Number: NASD ACTION C06000016
Allegations: MG SECURITIES GROUP, INC. PERMITTED AN INDIVIDUAL
TO SERVE AS A
GENERAL SECURITIES REPRESENTATIVE WITHOUT HAVING
BEEN
REGISTERED WITH THE FIRM. MG SECURITIES GROUP,
INC. DID NOT
ENFORCE WRITTEN PROCEDURES THAT WERE DESIGNED TO
ACHIEVE
COMPLIANCE WITH APPLICABLE SECURITIES LAWS.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Disgorgement/Restitution, Censure
Monetary Amount: $13,000.00
Other Sanctions: NONE.
Resolution
Details: A CENSURE AND FINE OF $4,000.00 AND DISGORGEMENT
OF COMMISSIONS
OF $9,000.00 FOR A TOTAL FINE OF $13,000.00 THAT
MG SECURITIES
GROUP, INC. WAS RESPONSIBLE FOR PAYING. THE FIRM
ELECTED TO A
MONTHLY PAYOUT PLAN.
Summary:
************ END OF REPORT
************
Kr
Jens
Short position reported at mid March increased with 19K shares.
http://www.viwes.com/invest/shorts/query.cgi?q=NTWK&j=0&n=12
Kr
Jens
The picture is from Netsol web, and show the new campus they are building.
There are plenty of pictures there: http://www.netsol-intl.com/campus.htm
How to get a picture here:
First find the internet address (URL) http://-......
Then place it at X in this string: <img src=X> and make it the first line in the message. Further lines will be shown when clicking on the picture. Try to click on the picture, and you will see what I mean.
Test it - if something is wrong you have a bout 15 minutes to get it right - BTW that goes for all messages you post here, when bringing the message you just wrote up, you are able to make corrections.
Kr
Jens
OT: Off to CEBIT exhibition - back wednesday.
Meantime - raise the flag for the good side.
Kr
Jens
Anyone know the status of the Warrants NTWKW ? eom
Kr
Jens
Some "old" stuff - Computerworld interview - I haven't seen it earlier - found it somewhat hidden in the company web:
http://www.netsol-intl.com/interview/compworld_salim101500.htm
Kr
Jens
<img src=http://www.netsol-intl.com//images/campus/image38b.gif>
Skyline being formed out there.
Couple of new products emerged on NetSol web-site:
SEAMS and SEALS e-banking applications.
http://www.netsol-intl.com/e_banking_sevices.htm
And a link to an article:
http://www.dailynewslosangeles.com/business/articles/0301/09/biz03.asp
NetSol boosts presence
By Jesse Hiestand
Staff Writer
CALABASAS -- NetSol International Inc. has expanded its reach to Silicon Valley with the acquisition of Intereve Corp., a similar but smaller firm that also develops software and recruits computer workers, the companies announced Thursday.
Intereve's Fremont offices will become another outpost in NetSol's worldwide chain of offices, which recruit and place information technology workers and write programs that bring companies with older mainframes into the Internet age.
"It's tremendous for us because NetSol has always looked at the Silicon Valley as a market we wanted to penetrate, but the cost of starting an office there is just ridiculous," said NetSol Senior Vice President Jack Madha.
Intereve, a successful startup with about a dozen consultants, brought the added value of having a recruiting pipeline to India, which complements NetSol's efforts in Pakistan.
"Due to the shortage of information technology professionals in the market, some companies are having a hard time hiring -- others just don't want to deal with the headache of having an IT department," Madha said.
NetSol has more than 400 employees with offices in Virginia as well as the United Kingdom, Germany and Australia.
The deal valued at $410,000 will consist of cash payouts that will be made through continued cash flow generated at Intereve's operations. Intereve had net income of $100,000 on sales of about $1 million in 2000.
NetSol's stock closed at $3.31, down 34 cents or 9.4 percent on trading Thursday on the Nasdaq Stock Market.
Intereve was founded in 1999 by graduates of the University of California at Berkeley and the Indian Institute of Technology. It has provided support for such companies as Wells Fargo & Co., Internet retailer Emtera and online grocery company WebVan Group Inc.
Its recruitment efforts in India were prompted by the ongoing shortage of qualified information technology workers in America.
"In order to fuel NetSol's growth into the global markets, it was crucial to have a secondary source of qualified IT professionals," said Najeeb Ghauri, NetSol's chief executive officer.
Those Indian workers are brought in on H-1B specialty occupation visas after a thorough screening and testing process, he said.
"This acquisition gives us the opportunity to expand our reach by utilizing NetSol's experience working with blue-chip customers," said Girish MunDada, one of Intereve's founders who now serves as senior vice president of engineering and business development at NetSol.
NetSol's customers include DaimlerChrysler Taiwan, Mercedes Benz Finance Australia, International Data Systems, GMAC in Australia, VoiceStream Wireless Corp. and Sun Microsystems Inc.
-----------
Makes sense that NetSol make room for those bright heads that don't see going abroad as an option.
Kr
Jens
Someone may have seen that The link to Texas State directory gave the name MG Securities corp - here is the better one:
http://ecpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=M+G+Securities&am...
Though there are the same people in it. Just another taxpayer number.
Kr
Jens
Kr
Jens