Mercedes-Benz Financial Software System Completed by NetSol International
8 September 1999
Mercedes-Benz Financial Software System Completed by NetSol International; Second Contract Already in Place
SANTA MONICA, Calif.--Sept. 8, 1999--NetSol International, Inc., (OTC BB: NTWK) today announced that its subsidiary, Network Solutions (Pvt.) Ltd., has successfully completed the development and implementation of its Proposal Management System software for Mercedes-Benz Finance, Australia. Completed on schedule and within the agreed budget, the project is valued at approximately $300,000.The Proposal Management System is a lease and finance system designed to organize, track, control and expedite the process of decision making on proposals for automotive leasing and financing. The software system includes an advanced interface with the Credit Rating Agency of Australia for automated credit checking and verification.
"This represents an important step in NetSol's global strategy as it opens new doors in the western markets within the lease and finance industry. NetSol has the capability, resources, infrastructure and the cutting edge technology to compete with any major software provider in the world," said Najeeb Ghauri, president and CFO of NetSol International.
Mercedes-Benz Finance, Australia is a Daimler-Benz Inter Services Company, a subsidiary of Daimler-Chrysler . Located in Melbourne, Australia, the company offers leasing and financing options for the automotive industry including Mercedes-Benz.
Based on the successful completion of the Proposal Management System project, Network Solutions (Pvt.) Ltd. has also been awarded a second contract from Mercedes-Benz Finance, Australia. Network Solutions will design and develop a Settlement Management System to assist in the critical phase of a proposal after its approval cycle and payment to the dealer for the release of the vehicle. The project is expected to be complete in November 1999.
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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.