NTWK NEWS >>>MERCEDES-BENZ CONTRACTS<<<
Network Solutions (Pvt.Ltd.Signs Two New Contracts with Mercedes BenzLeasing Companies
SANTA MONICA, Calif., July 14 /PRNewswire/ -- NetSol International, Inc.
(OTC Bulletin Board: NTWK) ("NetSol") through its subsidiary Network Solutions
(Pvt.) Ltd., announced that it has executed two new contracts with
Mercedes-Benz Finance, Australia and Tung Yang Leasing Company of Taiwan
(A subsidiary of DEBIS Financial Service, Germany).
The new contract signed with the Australian company is the second project
awarded to Network Solutions (Pvt.) Ltd. The company will be designing and
developing a 'Settlement Management System' which manages the phase of a
proposal after its approval cycle and payment to the dealer for the release of
the vehicle. This system will be interfaced with MBF SAP accounting system
and will have direct bank debit and credit interface. The system is expected
to be completed by November 1999. Earlier, Network Solutions (Pvt.) Ltd., was
awarded the project to develop a 'Proposal Management System' for Mercedes
Benz which is on schedule to be completed and delivered on time.
In addition, Network Solutions (Pvt.) Ltd., has been awarded another new
project by Tung Yang Leasing Company ("TYLC") Taiwan, which is a subsidiary of
DEBIS. (DEBIS is a division of Daimler-Chyrsler (NYSE: DCX)). TYLC has been
a customer of Network Solutions (Pvt.) Ltd. since 1996 where it has
successfully developed and implemented a Point of Sale (POS) system for TYLC.
The new system being developed will be a new generation POS system and will be
implemented in the next few months. Both of these contracts have an estimated
value of approximately $500,000 with residual earnings for many years to come.
Mr. Salim Ghauri, CEO of NetSol International, Inc. stated "that NetSol
has successfully developed a new generation of Web based Point of Sale for the
Lease and Finance industry. These Web based systems are state of the art
products and they are our core business." He continued, " the fact that we
are getting repeat business from the same customers, gives me a great deal of
satisfaction that we are building a strong base of satisfied and long-term
partners for NetSol."
NetSol is an Information Technology company that specializes in the areas
of lease and finance software industry and has developed its own proprietary
software products. The company has expanded in many other divisions such as
Education, Networking, Consulting and E.Commerce. Network Solutions (Pvt.)
Ltd. is the first software company in Pakistan that is ISO 9001 certified.
NetSol has a strong base for Microsoft certified Engineers (MCSE). The
company has grown exponentially in the last 2 years. It has many blue chip
customers worldwide including Mercedes-Benz finance companies in the Far East
region and Europe.
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 our Investor Relations Web Site:
www.netsol-intl.com.
SOURCE NetSol International, Inc
CO: NetSol International, Inc; Network Solutions (Pvt.) Ltd.; Mercedes-Benz
Finance, Australia; Tung Yang Leasing Company of Taiwan; DEBIS;
Daimler-Chyrsler
ST: California, Australia, Taiwan, Germany
T A P has received 30K shares of NTWK (formerly MGHI) from Clearweather Investments Ltd. for services provided for a period of 6 months For a complete write-up on NTWK and other Turn Around Picks go to T A P profile for url |
