Tuesday August 14, 9:01 am Eastern Time
Press Release
SOURCE: NetSol International Inc.
NetSol Partners With A&T Systems to Join the COMMITS Program
CALABASAS, Calif.--(BUSINESS WIRE)--Aug. 14, 2001--NetSol International, Inc. (Nasdaq SmallCap:NTWK - news; ``NetSol'') today announced that its wholly owned subsidiary, NetSol USA, has signed a partnership agreement with A&T Systems, one of the prime contractors of the COMMITS program.
NetSol will provide support for the functional areas of expertise in Information Systems Engineering (ISE) and Systems Operation and Management (SOM).
COMMITS (Commerce Information Technology Solutions) government program is the first Information Technology (IT) Indefinite Delivery Indefinite Quantity (IDIQ) multiple award contract set-aside exclusively for small, small disadvantaged, 8(a), and women-owned small businesses.
The Department of Commerce is committed to performance-based contracts and competing task orders to offer the best ``solution'' and price for a customer's requirements. COMMITS anticipates IT expenditures under these multiple award contracts to cumulatively reach $1.5 billion over the next five years.
NetSol will work with A&T Systems to provide IT consulting, project-focused solutions and staff augmentation to task orders/projects resulting from COMMITS. Various appropriate tasks for the Information Systems Engineering (ISE) area include: IT Strategic Planning, Program Assessment and Studies, Business Process Reengineering (BPR), Software Life Cycle Management (SLCM), Software Engineering / Development, Software Maintenance and Licensing, Electronic Data Interchange (EDI), Electronic Commerce (EC), and IT Research and Development.
Naeem Ghauri, NetSol's Chief Operating Officer, commented, ``We are very pleased to be working with A&T Systems to pursue contracts with the U.S. government. We are committed to providing the highest level of service to A&T Systems in order to ensure a long-lasting and mutually beneficial relationship going forward.''
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 275 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; St. George Bank, Australia; GMAC in Australia; Debis Portfolio Systems, U.K.; VoiceStream Wireless; Prism Inc., U.S.; Global One, U.S.; Leverage Consulting and OPSION Medical. 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. A more detailed description of certain factors that could affect actual results include those factors discussed in the company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB. NetSol International Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
--------------------------------------------------------------------------------
Contact:
NetSol International Inc., Calabasas
Naeem Ghauri, 818/222-9195
naeemg@netsoler.com
--------------------
--------------------
Kr
Jens
