CALABASAS, Calif., April 5, 2011 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. ("NetSol" or the "Company") (Nasdaq:NTWK) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced an update on the proposed acquisition of its two wholly owned subsidiaries, NetSol Technologies North America, Inc. and NetSol Technologies Europe, by NetSol Technologies Ltd. ("NetSol PK"), the Company's majority-owned subsidiary in Pakistan.
Salim Ghauri, CEO of NetSol PK, commented: "The Securities and Exchange Commission of Pakistan recently declined to approve the transaction. While NetSol PK has the option to file an appeal with the SECP, we have decided not to pursue the transaction further and have withdrawn our acquisition proposal."
Najeeb Ghauri, Chairman and CEO of NetSol Technologies, Inc., stated: "Both subsidiaries are performing well. Their pipelines are growing, and their delivery teams are very busy servicing existing customers in the North American and European markets. In addition, NetSol Technologies, Inc. recently acquired nearly 1.9 million shares of NetSol PK on the open market at an average share price of 20 rupees or US $0.23, thereby increasing our ownership stake from 58% to nearly 61%. We do not anticipate any adverse impact on our EPS due to the withdrawal of the acquisition proposal, and we will maintain our 100% ownership of the two subsidiaries."
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (Nasdaq:NTWK) (Nasdaq Dubai:NTWK) is a worldwide provider of global IT and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring™ practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 20000, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by 178 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.
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NetSol Technologies, Inc. Forward-looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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