NTWK NEWS!!!
Mercedes-Benz Financial Software System Completed by NetSol International; Second Contract Already in Place
SANTA MONICA, Calif.--(BUSINESS WIRE)--Sept. 8, 1999--NetSol
International, Inc., (OTC BB: NTWK) today announced that its
subsidiary, Network Solutions (Pvt.) Ltd., has successfully completed
the development and implementation of its Proposal Management System
software for Mercedes-Benz Finance, Australia. Completed on schedule
and within the agreed budget, the project is valued at approximately
$300,000.
The Proposal Management System is a lease and finance system
designed to organize, track, control and expedite the process of
decision making on proposals for automotive leasing and financing. The
software system includes an advanced interface with the Credit Rating
Agency of Australia for automated credit checking and verification.
"This represents an important step in NetSol's global strategy as
it opens new doors in the western markets within the lease and finance
industry. NetSol has the capability, resources, infrastructure and the
cutting edge technology to compete with any major software provider in
the world," said Najeeb Ghauri, president and CFO of NetSol
International.
Mercedes-Benz Finance, Australia is a Daimler-Benz Inter Services
Company, a subsidiary of Daimler-Chrysler (NYSE: DCX). Located in
Melbourne, Australia, the company offers leasing and financing options
for the automotive industry including Mercedes-Benz.
Based on the successful completion of the Proposal Management
System project, Network Solutions (Pvt.) Ltd. has also been awarded a
second contract from Mercedes-Benz Finance, Australia. Network
Solutions will design and develop a Settlement Management System to
assist in the critical phase of a proposal after its approval cycle
and payment to the dealer for the release of the vehicle. The project
is expected to be complete in November 1999.
Safe Harbor Statement
The foregoing press release may include numerous forward-looking
statements concerning the company's business and future prospects and
other similar statements that do not concern matters of historical
fact. The federal securities laws provide a limited "safe harbor" for
certain forward-looking statements. Forward-looking statements in this
press release relating to product development, business prospects and
development of a commercial market for technological advances are
based on the company's current expectations. The company's current
expectations are subject to all of the uncertainties and risks
customarily associated with new business ventures including, but not
limited to, market conditions, successful product development and
acceptance, competition and overall economic conditions, as well as
the risk of adverse regulatory actions. The company's actual results
may differ materially from current expectations. Readers are cautioned
not to put undue reliance on forward-looking statements. The company
disclaims any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information,
future events or for any other reason.
NetSol International, Inc. is the new name of Mirage Holdings,
Inc. Mirage was incorporated in Nevada and is headquartered in Santa
Monica, Calif. NetSol International, Inc. is the parent company of
Network Solutions (Pvt.) Ltd., NetSol UK, Ltd. and NetSol USA, Inc.
NetSol is an Information Technology company with offices in the
U.S.A., U.K. and Pakistan. NetSol became the first software developer
in Pakistan to qualify for ISO 9001 certification. The company has
developed its own software systems targeted at the lease and finance
industry. NetSol has developed an offshore business model, which
offers cost efficiencies, core operating competencies and strong
business relationships with blue chip customers worldwide. NetSol has
a full-fledged research and development facility in Lahore, Pakistan,
which employs nearly 100 programmers, developers and engineers.
CONTACT:
NetSol International Inc., Santa Monica
Najeeb Ghauri, 310/395-4073
E-mail: najeeb@netsol-intl.com
URL: www.netsol-intl.com
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