NetSol International Completes Project for Volvo Finance Australia

    CALABASAS, Calif.--March 20, 2001--NetSol International (NASDAQ:NTWK;www.netsol-intl.com) today announced that NetSol-Abraxas, its Australian subsidiary, has implemented a trucking leasing and finance software program for Volvo Finance Australia. The program was developed exclusively for Volvo Finance Australia to meet the specific needs of the trucking industry.
    NetSol, which currently provides leasing and finance software for various global divisions of Daimler Chrysler, Mercedes Benz and GMAC, used its programming expertise to streamline complex trucking lease and finance procedures. Volvo Finance Australia's 30 dealerships will use the new web-based system to quickly and efficiently calculate payments, submit applications, and process contracts for customers.
    "Selling trucks is a different process from selling cars," said Tor Bowen, managing director of Volvo Finance Australia. "While we were well aware of the benefits that technology brought to car financing and those dealers, we couldn't find anything developed for the intricacies of trucking industry. With NetSol as our partner, we were able to develop a system for our dealerships that is very sophisticated, but also user-friendly."
    NetSol-Abraxas had previously worked with Volvo Finance Australia to develop software for its automotive leasing and finance division. With both the automotive and trucking projects, NetSol was able to create software for Volvo Finance Australia that eliminated the duplication of information input associated with a paper-based system. Volvo Australia is confident that this efficiency will result in significant back-office savings.
    "Our team was very excited that Volvo Finance chose NetSol for this project based on their satisfaction with the system we developed for their automotive division," said Fred Firth, managing director of NetSol-Abraxas. "NetSol-Abraxas has established itself as the country's leading leasing and finance software provider, and we are confident that our high quality development skills and dedication to our customers will result in more contracts during the year ahead."
    NetSol International CEO Najeeb Ghauri agreed, saying: "The addition of another blue chip customer such as Volvo validates the high quality of NetSol's software development offering. We are moving forward to more actively market our products to additional leading companies in Western markets, which we are confident will result in higher revenues and profitability for NetSol."