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PRESS RELEASE |
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| FOR IMMEDIATE RELEASE |
08th Jun, 2010 |
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RedChip Visibility Initiates Research Coverage on
NetSol Technologies Inc. with Strong Buy Rating
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ORLANDO, Fla., June 7, 2010 -- (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has initiated coverage on NetSol Technologies Inc. (Nasdaq:NTWK) (Nasdaq Dubai:NTWK), a developer and implementer of global business services and enterprise application solutions.
Bill Matson, CFA, RedChip Research Analyst, reported:
“NetSol’s global footprint, low labor costs, proven quality, and software with the ability to consolidate an unprecedented variety of global IT functions in one location for credit-based businesses have allowed the Company to build a diversified blue chip client base.”
“While approximately 60% of NetSol’s revenues are currently derived from its NetSol Financial Suite™, it must be noted that the Company is involved in varying degrees with several initiatives that could ultimately surpass the scale of its business with credit-based businesses. These opportunities include defense, health care, land records management, property and casualty insurance, and SAP-compatible software.”
Matson continued: “Trading close to its GAAP book value and at what we believe is an unreasonably low 6.5x projected fiscal 2011 earnings, we are initiating coverage of NTWK with a Strong Buy rating and a price target of $3.00.”
To receive a complimentary copy of the RedChip Visibility Initial Research Report for NTWK, please visit:
This release is an extract of that published by the Issuer. Accordingly, MAC Capital Limited accepts no responsibility to the accuracy of the information provided.
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About NetSol Technologies, Inc.
NetSol Technologies, Inc. (NASDAQ CM: NTWK) (NASDAQ DUBAI: NTWK) is a worldwide provider of global business services and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoringÒ practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Healthcare, Insurance, Energy, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and San Pedro Sula.
To learn more about NetSol Technologies, Inc., visit www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0
NetSol Technologies, Inc. Forward-looking Statement
This press release may contain 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.
# # #
Contact – Investor Relations:
Christopher Chu
Grayling
Phone: +1 646-284-9426
Email: Christopher.chu@us.grayling.com |
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| PRESS CONTACTS: |
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Christopher Chu
Investor Relations
Grayling Global
Tel: +1-646-284-9426
Email: cchu@hfgcg.com |
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Email: rwm@maccapital.ae |
Mr. Gerhard Hametner
Director
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7177
Fax: +971-4-409 7277
Email: gh@maccapital.ae |
NOTES FOR THE EDITOR:
About MAC Capital Limited.
MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a member of the NASDAQ Dubai. The group’s shareholders include international stock brokers, investment banks and private banks, including:
- Patersons Securities Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
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Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France
and a number of prominent international businessmen. Its website is www.maccapital.ae
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market (“DFM”) and the Abu Dhabi Securities Exchange (“ADX”) and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
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