NetSol Shareholders Group, LLC Files Preliminary Proxy to Replace Board
of NetSol International, Inc. and Seeks Suitors
LAS VEGAS, Apr 27, 2001 (BUSINESS WIRE) -- NetSol Shareholders Group, LLC,
whose members hold over 25% of the outstanding shares of NetSol International,
Inc. (Nasdaq:NTWK) today announced that they have initiated a proxy contest to
gain control of the company from current management. They are proposing a new
slate of directors, including Cary Burch, a current director of NetSol
International, Inc. and executive of The First American Corporation (NYSE:FAF),
Jonathan D. Iseson, principal of Blue Water Partners, L.L.C., Graeme Glew,
manager of Professional Sports Management, Shelly Singhal, Managing Director of
Technology Investment Banking for BlueStone Capital Corp., and Donald Danks, CEO
of Gateway, Inc. (OTCBB:NGWY). New management intends to immediately engage an
investment bank and actively pursue acquiring, merging with or being acquired by
another public company.
The group has filed a preliminary proxy statement and Schedule 13D amendment
with the Securities and Exchange Commission describing 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
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 International, Inc.:
Greenberg Traurig, LLP, Santa Monica, Calif.
John C. Kirkland, Esq., 310/586-7738
kirklandj@gtlaw.com
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