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NetSol-Abraxas Launches Hand Held Sales Assistant; Redefines Automotive Financing Process

8 June 2000

NetSol-Abraxas Launches the Hand Held Sales Assistant; Australian Subsidiary Redefines Automotive Financing Process

    CALABASAS, Calif. - NetSol International, Inc. , a global information technology consultant and software developer, today announced that its subsidiary, NetSol-Abraxas Software (Australia) will launch the Hand Held Sales Assistant, a new product that enables automotive sales personnel to manage the consumer financing process using low-cost, hand-held computers.

    St. George Bank of Sydney, Australia anticipates deploying the product to the 250 automobile dealerships under its control.

    Using wireless connectivity, the Hand Held Sales Assistant is designed to transmit the customer data collected to other NetSol-based products within the dealership. This new class of software was written for Windows CE, hand-held and Palm computers. The software was developed jointly by Netsol-Abraxas and St. George Bank. NetSol-Abraxas reserves the world marketing rights to the technology outside of Australia. St. George Bank holds the exclusive sales rights in Australia for one year, after which the rights revert back to NetSol-Abraxas.

    Najeeb Ghauri, president of NetSol International, stated, "The launch of the Hand Held Sales Assistant is an excellent example of NetSol International's business model. NetSol-Abraxas has developed a solid long-term relationship with our client St. George Bank and the two created the specifications for a unique software program to address the auto sales requirements. NetSol International then provided the resources to bring the prototype to fruition. We believe this product will become the new starting point in the automotive financing process."

    Motors Traders Association of Australia, which represents 5,000 car dealers nationwide, also endorsed the software. The MTA intends to move from its paper-based document to a full e-commerce, electronic document sales system using the Hand Held Sales Assistant. NetSol International will enable the MTA's vision by developing a micro-billing system to record each transaction and produce a summarized invoice for every client monthly.

    Fred Firth, managing director of NetSol-Abraxas, stated, "We have built a unique, flexible product portfolio targeting exciting new markets, including a variety of asset classes from cars to real estate. Our Hand Held Sales Assistant could save costs by reducing time spent inputting data and eliminating duplication errors. In addition, the micro-billing system, a spin-off development for the MTA, will enable organizations that traditionally sell paper documents to distribute materials electronically."

    About NetSol International, Inc.

    NetSol is a ISO 9001 certified software developer in the global information technology industry. Through its international team approaching 300 employees, NetSol specializes in developing software, proprietary and asset-based leasing and finance programs, providing IT consulting services, and creating eBusiness and Web-based solutions for its ever-growing list of blue chip customers worldwide.

    NetSol International's software development is completed in Lahore, Pakistan at the Network Solutions Ltd. Marketing and distribution of its products and services performed by the subsidiaries NetSol (U.K.) Ltd., NetSol, Inc., and NetSol-Abraxas (Australia). NetSol International's eCommerce initiatives are being accomplished via NetSol eR Inc. (eReady) and SuperNet AG.

    NetSol's commitment to excellence has been shown through its strong and matured quality control certifications such as the internationally recognized ISO 9001. NetSol's product portfolio covers the whole suite of application modules that are needed to run a captive leasing and finance operation. NetSol's proprietary products are used by a number of leading finance and leasing companies worldwide. NetSol's clients include Daimler Chrysler Taiwan, Mercedes Benz Financing Australia, Mercedes Benz Leasing Thailand, CFS Group UK, St George Bank in Australia, GMAC in Australia and Debis Portfolio Systems in the U.K.

    NetSol-Abraxas (Australia), the Australian subsidiary, has opened an entirely new and valuable market for NetSol's products and services and establishes important new partnerships with Fortune 500 customers including BMW Finance, Volvo Finance, Mercedes-Benz Finance, St. George Bank, Land Rover Finance and GMAC Leasing. NetSol-Abraxas Australia Software has developed a Windows-based finance and insurance system and established itself as a leader in finance and insurance software development. The company's main product line is the OASYS Finance and Insurance system. The system uses Remote Access Server (RAS) TCP/IP communications and links to all of Australia's leading insurers, credit reference bureaus and vehicle valuation databases.

    Safe Harbor Statement

    This release contains 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, 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 of those products and services. A more detailed description of certain factors that could affect actual results include those factors discussed in the company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB for the period ended March 31, 2000. NetSol International Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speaks only as of the date of this release. 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.