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CALABASAS CA MARKET WIRE via COMTEX NetSol Technologies

Summary: CALABASAS CA MARKET WIRE via COMTEX NetSol Technologies Inc NASDAQ NTWK a developer of proprietary software applications and provider of information technology services today announced that its newly built state of the art facility for software development NetSol IT Village has been declared a Software Technology Park STP by the Pakistan Software Export Board PSEB STP designation is a distinguished title conferred only upon facilities and businesses with a 100 export oriented business strategy The inauguration ceremony for the STP will take place on May 21 2004 Mr Owais Leghari Minister of Information Technology Telecommunications Pakistan will be the Guest of Honor This occasion will mark the first time in Lahore s history that a private sector building has been either named or converted into a Software Technology Park The STP is located at NetSol Avenue in Airport View Society opposite Eden Avenue Main Defence Road Lahore Cantt NetSol IT Village Declared a Software Technology Park by Pakistan Software Export Board Not only is the official opening of NetSol IT Village a major milestone for our family and company but receiving the designation of Software Technology Park truly will make this a momentous occasion said Salim Ghauri president of NetSol I am very optimistic that this step will strengthen the IT industry in Pakistan by providing excellent infrastructure and ambience for high quality software development Our STP offers new technology start ups a head start providing a robust platform on which they can base their operations We are privileged to contribute to the local IT industry and anticipate this endeavor will translate to improved social and economic welfare of the country The company also announced that the Pakistan Software Export Board has contributed $150 000 to the NetSol IT Village in the form of fiber optic cable connectivity telecommunications infrastructure and subsidized bandwidth for participating and future STP companies About The NetSol IT Village STP NetSol IT Village has been set up with the objective of contributing to the prosperity of the national economy through encouraging promoting and boosting software exports from Pakistan by facilitating all the statutory services of the government strengthening the communication infrastructure and by increasing the quality consciousness in the IT industry NetSol s STP maintains internal engineering resources to provide consulting training and implementation services covering network design system integration installation operations and maintenance of application networks and facilities in various areas In addition to these intrinsic positives of NetSol IT Village the facility yields annual cost savings of more than $120 000 and the additional space of 25 000 square feet will be leased to local telecom companies in Lahore thereby generating additional revenues for NetSol About NetSol Technologies Inc NetSol Technologies is a leading end to end solution provider for the lease and finance industry Headquartered in Calabasas CA NetSol Technologies Inc operates on a global basis with locations in the U S Europe East Asia and Asia Pacific NetSol helps its 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 NetSol s commitment to quality is demonstrated by its achieving both ISO 9001 and SEI Software Engineering Institute CMM Capability Maturity Model Level 3 assessment For more information visit NetSol Technologies web site at

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