NetSol Intl Signs $500,000 Software Development Contract With 1st Net Technologies
SANTA MONICA, Calif.--(BUSINESS WIRE)--Sept. 22, 1999--NetSol International, Inc., (OTC BB: NTWK) today announced that it has signed an agreement with San Diego-based 1st Net Technologies, Inc., (OTC BB: FNTT) to develop proprietary software and solutions primarily for its Children's Technology Group's Crayon Crawler(TM) Internet browser. The contract is valued at a minimum of $500,000 over its first year.
Under the contract, NetSol will utilize its offshore software development unit to develop custom software, Internet tools and related technology. NetSol will provide a dedicated team of skilled project management professionals operating from its state-of-the-art facility in Pakistan. NetSol was the first software developer in Pakistan to qualify for ISO 9001 certification, an internationally recognized standard of quality assurance.
"This represents the first major U.S.-based project for NetSol. While NetSol's initial success came from designing of its own proprietary products, this contract expands its business to include custom software development. This is further evidence of NetSol's broad-based development capabilities," said Najeeb Ghauri, president and CFO of NetSol International, Inc.
NetSol's off shore software development business model provides top-level development expertise in a highly cost-effective environment. Ghauri continued, "Maximizing the utilization of this facility with its highly-trained team of experts, takes full advantage of NetSol's profit potential. This is an important milestone in our business strategy."
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.
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Contact:
NetSol International, Inc., Santa Monica
Najeeb Ghauri, 310/395-4073
najeeb@netsol-intl.com
www.netsol-intl.com
or
Market Pathways
Shannon T. Squyres, 949/955-1860 (media/investors)
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