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Technology Stocks : MGHI - Mirage Holdings Inc. -- Ignore unavailable to you. Want to Upgrade?

To: T A P who wrote (31)	4/20/1999 10:44:00 AM
From: T A P	Read Replies (1) \| Respond to of 38

MGHI NEWS! Acquisitions complete...Increase in Earnings Expected! Mirage Holdings, Inc. Successfully Acquires 100% of Network Solutions (Pvt. Ltd. and NetSol UK, Ltd. SANTA MONICA, Calif., April 20 /PRNewswire/ -- Mirage Holdings, Inc. ("Mirage") (OTC Bulletin Board: MGHI) today announced that it has acquired 100% of the equity in Network Solutions (Pvt.) Ltd. and NetSol UK, Ltd. Mirage obtained majority shareholder approval of this acquisition and the transaction was completed effective April 17, 1999. Earlier, the Mirage Board approved the acquisition after obtaining a favorable independent valuation report conducted by a nationally known valuation firm. The valuation report valued both Network Solution (Pvt.) Ltd. and NetSol UK, Ltd. at $13,000,000. Network Solutions (Pvt.) Ltd. is a software development company based in Lahore Pakistan. Since its inception three years ago, Network Solutions (Pvt.) Ltd. has grown substantially. Today, Network Solutions (Pvt.) Ltd. employs over 85 International Technology ("IT") professionals and management staff. The company has developed its own proprietary software targeted at the lease and finance industry. Network Solutions (Pvt.) Ltd. is the first software company in Pakistan to earn the distinguished ISO 9001 accreditation. NetSol UK, Ltd. is a related company of Network Solutions (Pvt.) Ltd. NetSol UK, Ltd. was launched in January, 1998 in Milton Keynes, U.K. to function as a marketing and customer support center. NetSol UK, Ltd. posted first year revenues of $1.6 million with $72,000 in profits. NetSol UK, Ltd.'s management expects its revenues for fiscal year 1999 to nearly double. Today, the UK based company has a staff of over 25 IT professionals and consultants. Some of its customers include Mercedes-Benz Finance Ltd., UK; a subsidiary of Daimler-Chrysler, Germany (NYSE: DCX); Imperial Chemical Industries of U.K (NYSE: ICI) and Fuzzy! Informatik of Germany. NetSol UK, Ltd. recently announced a strategic alliance with ICOM Informatique, a French software development company. Management believes this alliance will significantly enhance NetSol UK Ltd.'s IT business globally. In January 1999, Mirage announced that it has completely ceased business operations in the fashion industry. Mirage is a technology based company and its management believes its acquisitions of Network Solutions (Pvt.) Ltd. and NetSol UK, Ltd. provide it with a substantial presence in the IT industry. 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 will prove to have been correct. SOURCE Mirage Holdings, Inc. CO: Mirage Holdings, Inc.; Network Solutions (Pvt.) Ltd.; NetSol UK, Ltd. ST: California IN: CPR SU: TNM 04/20/99 09:01 EDT prnewswire.com T A P has received 30K shares of MGHI from Clearweather Investments Ltd. for services provided for a period of 6 months For a complete write-up on other Turn Around Picks go to T A P profile for url.