NetSol Appoints New CEO and Restructures Board
CALABASAS, Calif., Aug 29, 2001 (BUSINESS WIRE) -- NetSol International Inc. (Nasdaq:NTWK) ("NetSol"), today announced that Najeeb Ghauri has resigned as CEO and that Naeem Ghauri has been appointed by the Board to replace him, effective immediately.
Irfan Mustafa, Chairman, commented: "Under Najeeb Ghauri's guidance and leadership, the company reached many important milestones including its IPO and the listing on Nasdaq. We will always be indebted to him for providing a global and a sound platform to re-launch the business."
He further stated: "Najeeb Ghauri continues to be a member of the board of directors and is a shareholder of the company. As a board member and shareholder, his insightful contributions will remain intact."
Outgoing CEO Najeeb Ghauri stated: "The company is facing tough challenges and the recent proxy contest has been a major distraction for the management team. I am thankful to our loyal shareholders and dedicated employees who supported us in not only regaining control of the company, but also in the efforts to remove what was an `invalid management and board,' self-appointed by the now-disbanded shareholders group. I am also very proud of my team for taking the company this far and believe that we needed new leadership and perspective to re-build the business from here on forward."
Mustafa added: "I welcome Naeem Ghauri as the new CEO. It was a natural choice for the company. With the current challenges we are facing, we wanted someone who had the energy, in-depth knowledge of the business, commitment and ability to make bold decisions to turn the company around from the recent upheavals." Naeem Ghauri continues to hold his position as the Chief Operating Officer of the Company.
The company further announced that it has restructured its board and has accepted resignations from two of its directors. Two founding members of the board, Naeem Ghauri and Shahab Ghauri, resigned from the board, creating vacancies to be filled by the Board in the near future.
Mustafa commented: "We believe NetSol needed diversity on its board and two of the founders of the company, Naeem Ghauri and Shahab Ghauri, endorsed this viewpoint. We are thankful to the two departing board members for their valuable contributions made to the company. As shareholders of the Company, Messrs. Naeem Ghauri and Shahab Ghauri continue to be strong supporters of the Company."
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 270 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 of those products and services. 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
Malea Farsai, Corporate Counsel, 818/222-9195
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