NetSol International Inc. (NTWK)

[Tingleff]

NetSol Shareholders Group, LLC Files Amended Preliminary Proxy to Expand
Board of Directors of NetSol International, Inc. and to Nominate 7 New Directors

LOS ANGELES, May 17, 2001 (BUSINESS WIRE) -- NetSol Shareholders Group, LLC,
whose members hold over 25% of the outstanding shares of NetSol International,
Inc. (Nasdaq:NTWK) today amended their preliminary proxy statement to propose an
increase in the size of the Board of Directors of the Company and elect seven of
their nominees. The Shareholders Group's proposed nominees include Jonathan D.
Iseson, principal of Blue Water Partners, L.L.C., Gregory J. Martin, formerly
with Emerge Corporation, Peter R. Sollenne, President and CEO of Aces
International, Inc., Timothy J. Moynagh, Senior Business Solutions Manager of
Inktomi Corporation, Eddy Verresen, founder of BSH-Belgische
Struisvogelhouderij, Shelly Singhal, Managing Director of Technology Investment
Banking for BlueStone Capital Corp., and Donald Danks, CEO of Netgateway, Inc.
(OTCBB:NGWY).

BE SURE TO READ THE DEFINITIVE PROXY STATEMENT OF THE SHAREHOLDERS GROUP WHEN IT
IS AVAILABLE BECAUSE IT CONTAINS IMPORTANT INFORMATION. The Shareholders Group
has filed an Amended Preliminary Proxy Statement and Schedule 13D amendment with
the Securities and Exchange Commission describing their intended course of
action. Information about the participants may be found in the Amended
Preliminary Proxy Statement filed by the Shareholders Group which may be
obtained for free at the web sites of the Securities and Exchange Commission at
http://www.sec.gov.


FORWARD-LOOKING STATEMENTS

This press release contains predictions, estimates and other forward-looking
statements which include, but are not limited to, statements regarding the
group's future plans. 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 Shareholders Group, LLC:
Greenberg Traurig, LLP, Santa Monica, Calif.
John C. Kirkland, Esq., 310/586-7738
[e-mail]


Kr
Jens