NTWK NEWS from 8/4 Regarding Acquisition of MindSources Inc.
NetSol International, Inc. Signs 'Letter of Intent'To Acquire MindSources, Inc.
SANTA MONICA, Calif., Aug. 4 /PRNewswire/ -- NetSol International, Inc. (OTC Bulletin Board: NTWK) ("NetSol") announced today that it has secured a "Letter" to acquire a Virginia based Information Technology company, MindSources, Inc. NetSol has already initiated the due diligence process to fulfill all regulatory requirements, which the company expects to complete by August 30, 1999.
MindSources, Inc. is a two-year young "IT" company that specializes in consulting services and solutions implementation within the Information Technology sector. In a very short time, MindSources, Inc. has been able to provide consulting services and business expertise to firms in the software, hardware and communications industries. The current list of client companies includes AT&T, MCI WorldCom, Sprint, Prism and ATS Technologies.
Under the agreement, NetSol would own 100% of MindSources, Inc. which would become an integral part of NetSol USA, Inc., a wholly owned subsidiary of NetSol International, Inc. This merger would give NetSol an instant presence in the North American IT markets, thereby enhancing NetSol's position tremendously. After the successful completion of the merger, NetSol USA, Inc. will have an operating office in the rapidly growing IT market in the Washington D.C. and Virginia business complex. This region is quickly becoming another Silicon Valley, which offers incredible opportunities for growth to NetSol.
NetSol International, Inc. is a fully integrated IT company, headquartered in Santa Monica, California. The company has its research and development facility in Lahore, Pakistan with a team of in excess of 100 developers and engineers. NetSol has a strong presence in the Far Eastern and European regions with Blue chip customers worldwide. NetSol has just recently filed an application for Nasdaq Small Cap listing and has been trading OTC BB since September 1998.
Included in this material are 'forward-looking statements' within the meaning of Section 27A 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 NetSol's Investor Relations Web Site: www.netsol-intl.com.
Or Contact:
Ms. Aiesha Ghauri
NetSol International, Inc.
310-395-4073
Email: aieshag@netsol-intl.com
SOURCE NetSol International, Inc.
CO: NetSol International, Inc.; MindSources, Inc.
ST: California, Virginia
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