NTWK NEWS!
Technology Merger Nears Completion as 'Letter of Intent' Signed
SANTA MONICA, Calif., July 8 /PRNewswire/ -- NetSol International, Inc. (OTC Bulletin Board: NTWK) ("NetSol") through its subsidiary NetSol UK, Ltd., announced that it has signed a binding letter of intent to acquire 100% of a UK based Information Technology (IT) company specializing in Multi-Media, Internet-ready network installations. The company expects to complete its due diligence and meet all the regulatory requirements by end of July 1999. The terms of the agreement will be disclosed after the satisfactory completion of due diligence and effective closing of the acquisition.
The Company being acquired is a four-year old, privately held IT company in the United Kingdom. They offer high quality, comprehensive IT related solutions to the networking and IT markets. This acquisition will give NetSol an immediate market penetration in the UK education sector. The Company has an installed network base of nearly 1000 UK primary and secondary schools. Nearly all of approximate 25,000 UK schools will require networking implementation and Internet access.
Mr. Naeem Ghauri, Managing Director of NetSol UK, Ltd. commented on this breakthrough development by saying, "Through the existing base of 1000 installations, NetSol UK, Ltd. will be in a stronger position to secure a high percentage of the education market. NetSol will be able to sell its own value added products and services to this large customers base."
The President of NetSol International, Inc., Mr. Najeeb Ghauri, added that, "This merger is a classic example of one plus one equals three. This is also a significant event and enormous leap forward in the execution of NetSol's business plan."
Included in this material are "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements would have proved to be correct.
For further information, please visit our Investor Relations Web Site: www.netsol-intl.com
SOURCE NetSol International, Inc.
CO: NetSol International, Inc.; NetSol UK, Ltd.
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