US NAVY to Use NetSol IT Services Under Its GSA Contract; NetSol to Provide Services for the IT Infrastructure

Business Wire, Feb 28, 2002

Business Editors

CALABASAS, Calif.--(BUSINESS WIRE)--Feb. 28, 2002

NetSol Technologies Inc. (NASDAQ:NTWK) announced today that its wholly owned subsidiary, NetSol USA, Inc. (Netsol USA), has signed and executed a services agreement with US NAVY, at the Navy Yards, Washington, D.C.

Under the terms of the agreement, NetSol USA will provide IT services and software support in the NAVY Facilities Command (NAVFAC). NetSol USA is contracted initially to perform IT services for a period of six months, extendable up to an unspecified period of time. Wasim Haider Senior VP Netsol USA stated, "This is a great opening for NetSol in the B2G space. We hope to grow this relationship with the USA Navy and hope to leverage it to open up further opportunities within the Business to Government space." NetSol earned its GSA status last year and this is the first contract awarded under the agreement.

About NetSol Technologies Inc.

NetSol Technologies Inc. is an ISO-9001 certified software developer in the global information technology industry. With an international workforce of more than 250 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; St. George Bank, Australia; GMAC in Australia, and Debis Portfolio Systems, U.K. For more information about NetSol and its subsidiaries, visit the company's web site at www.netsoltek.com.

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