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NetSol Technologies, Inc. (NTWK) Enters Agreement with Minsheng Financial Leasing Co. to Implement NetSol Financial Suite Solution

|Includes: NetSol Technologies Inc. (NTWK)

NetSol Technologies, Inc., a company that designs, develops, and markets software products for the automobile finance and leasing, banking, healthcare, and financial services industries worldwide, announced that it has signed an agreement with Minsheng Financial Leasing Co. (MSFL), a leader of aircraft leases in Asia, for the implementation of the NetSol Financial Suite Solution.

The agreement, which includes product licenses, on-site implementation services, and business process consultancy, extends and reaffirms a strategic partnership between Minsheng and Netsol that had begun back in 2009. The two parties had previously signed a multi-million dollar contract for Mingsheng Financial Leasing’s core leasing system.

NetSol stated that enhancing its relationship with Mingsheng Financial Leasing is important because it serves as a benchmark for the growing leasing industry in China. The Financial Times had reported earlier this year that there are at least 150 leasing companies that are becoming “an important source of funding for … small and medium-sized enterprises.”

“NetSol’s partnership with Minsheng Financial Leasing is symbolic of the increasing need throughout Asia for leasing and financing solutions, and we are thrilled to strengthen our relationship with one of the region’s largest and fastest growing leasing companies,” said Najeeb Ghauri, chairman and CEO of NetSol Technologies. “This agreement marks an exciting new chapter for NetSol’s relationship with Minsheng Financial Leasing, as we further solidify our presence in Asia Pacific with a key, influential partner.”

“There are so many large, worldwide IT vendors, but we selected NetSol because the company has many years of professional knowledge devoted specifically to the leasing space,” said Zhou Wei, president of Minsheng Financial Leasing Co. “After two years of working with NetSol and implementing the company’s solutions, our system has been able to manage tens of billions of dollars in assets.”

“The signing of this strategic agreement formalizes a mutually beneficial relationship, as we continue to grow Minsheng Financial Leasing and leverage our relationship with NetSol.”

A signing ceremony took place earlier this week in Beijing to honor the expansion of NetSol’s partnership with Mingsheng Financial Leasing. Those who attended the ceremony included Mr. Kong Linshan, chairman of the board of Minsheng Financial Leasing; Mr. Zhou Wei, president of MSFL; Ms. Wang Rong, executive vice president of MSFL; Mr. Najeeb Ghauri, chairman and CEO of NetSol; and Mr. Salim Ghauri, president of NetSol.

NetSol Technologies, Inc. designs, develops, and markets software products for the automobile finance and leasing, banking, healthcare, and financial services industries around the world. Its NetSol Financial Suite (NFS) consists of Point of Sale, a front office processing system for the finance sector; Credit Application Processing System to handle the incoming credit applications from dealers, agents, brokers, and the direct sales force; Contract Management System to manage and maintain a contract; Wholesale Finance System to automate and manage the floor plan/bailment activities of dealerships; and Fleet Management System to handle fleet management needs. The company was formerly known as NetSol International, Inc. and changed its name to NetSol Technologies, Inc. in March 2002. NetSol Technologies, Inc. was founded in 1997 and is headquartered in Calabasas, California.

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