NetSol Intl Announces the Addition of Chrysler to Its Fortune 500 Customer List
23 November 1999
NetSol Intl Announces the Addition of Chrysler to Its Fortune 500 Customer List
SANTA MONICA, Calif.--Nov. 23, 1999--NetSol International, Inc., (OTC BB:NTWK) today announced the addition of Chrysler Finance, Australia to the contract between Network Solutions (Pvt.) Ltd., a subsidiary of NetSol International, and Mercedes-Benz Finance, Australia (MBFA). Chrysler Finance, Australia is a subsidiary of DEBIS Leasing, Asia Pacific.The signed contract between Network Solutions (Pvt.) Ltd., and MBFA includes the development and implementation of a browser based Point of Sale (ePOS) system to be completed by the end of May 2000. NetSol POS (Point of Sale) is asset-leasing software to be used by dealerships. The system covers quotation creation, financial analysis and comparison between various leasing options, proposal generation / submission and contract creation (upon approval of the proposal). It can also communicate with back-office systems like NetSol's Proposal Management System (PMS), for proposal approval.
NetSol is currently developing the same kind of system for Tung Yang Leasing Company, Taiwan, which will be used by its dealership in conjunction with the dealership of Chrysler Finance, Taiwan.
The ePOS system is an advanced addition to the series of Leasing and Finance solutions offered by NetSol and it is being developed using Java technology. NetSol is working aggressively to differentiate itself from other IT competitors.
"This contract shows the confidence MBFA has in the professionalism and quality solutions delivered by NetSol," said Salim Ghauri, CEO NetSol International, Inc. "NetSol currently services Mercedes-Benz Finance in locations throughout the Far East and Europe. Its goal is to establish similar relationships with Chrysler Finance worldwide.
The ePOS system will be used by MBFA's subsidiaries, which include Chrysler Finance, Australia, National Automotive and Mercedes-Benz Finance, Australia. The system's reach will include over 100 dealers associated with the three subsidiaries.
NetSol International, Inc., an Information Technology company, is the parent company of Network Solutions (Pvt.) Ltd., Network Solutions Group, Ltd., NetSol U.K., Ltd. and NetSol USA, Inc. 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.
Safe Harbor Statement
The foregoing press release may include numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The Federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this press release relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
For further information, please visit our Investor Relations Web Site: www.netsol-intl.com. SOURCE: NetSol International, Inc.