DaimlerChrysler Services South Korea Buys NetSol's LeaseSoft.WFS

LeaseSoft.WFS to be Deployed to Launch Wholesale Finance Business For DCS Korea

CALABASAS, Calif., Feb. 20 -- NetSol Technologies, Inc. , a developer of proprietary software applications, today announced that it has signed a contract with DaimlerChrysler Services(DCS) South Korea to deploy its end to end solution, LeaseSoft. The LeaseSoft solution, which would be deployed using NetSol's Rapid Deployment Methodology, would be the backbone for DCS to launch its Wholesale Finance business in the vibrant Korean Motor Vehicle sector.

LeaseSoft.WFS is now a mature and a stable system, before DCS South Korea the solution has been successfully implemented at Yamaha Motor Finance Australia, Tung Yang Leasing Taiwan and DaimlerChrysler Leasing Thailand.

"This new contract for LeaseSoft.WFS from DCS South Korea, gives us a strong launching pad in another new and big market for our suite of LeaseSoft products," commented Salim Ghauri, President of NetSol Technologies, Inc. He added, "It further demonstrates the sustainability of our business model, where our variety of industry leading solutions can be resold at gross margins in excess of 90%." NetSol licenses its products and retains the Intellectual Property Rights (IPR) and derives its revenues from license fees, customization, enhancements, implementation, support and maintenance, which, typically, is charged at 20% of the initial cost and charged annually, providing residual income from each of the product sold.

CEO, Naeem Ghauri, stated, "We continue to grow our strategic partnership with Daimler Chrysler Organization in the Asia Pacific region with each new contract. Our footprint in this region now extends to six different countries and several companies." He added, "Our entry into each new country brings new and exciting opportunities, as we deploy and customize our solutions for specific markets, enabling us to re-sell into the market."

Wholesale Finance is a complex business in nature and requires an application which is robust, mature, scalable and rich in functionality. Over the years, NetSol's LeaseSoft products have transacted hundred's of millions of dollars worth of business, while running the entire floor plan of tens of motor vehicle dealers. LeaseSoft is typically sold as a license for a set number of users. To maintain confidentiality and competitiveness of its customers, NetSol does not publish the exact value of certain contracts.

LeaseSoft.WFS (Wholesale Finance System) is revolutionary new software and a landmark in the world of Financial and Leasing Software. The NetSol Wholesale Finance System (WFS) is developed to automate and manage the Whole Sale Finance activities of a Finance Company. The design of the system is based on the concept of One Loan One Asset to facilitate Asset Tracking and Costing of an asset. The system covers from Credit Limit Request, Payment of Loan, Billing, and Settlement, Auditing of Stocks, Dealer Information and ultimately the pay-off functions.

DaimlerChrysler Services Korea is new company starting its Wholesale Finance business in February 2003. South Korea is a new market for NetSol and it is one of the fastest growing markets in the Asia Pacific Region. NetSol plans to capitalize on this market after a successful implementation with Daimler Chrysler South Korea.

About NetSol Technologies, Inc.

NetSol Technologies is a leading end-to-end solution provider for the Lease & Finance Industry. LeaseSoft is the culmination of more than 6 years of efforts involving domain experts, developers, project managers and end users. The result is a product that covers the complete gambit of Lease & Finance activities.

Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., East Asia and Asia Pacific. NetSol helps their clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol has been delivering high quality, cost effective IT services ranging from consulting and application development to systems integration and outsourcing for years. Their commitment to quality is demonstrated by achieving both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 2 assessment.