NetSol Technologies Signs New Software Development and Consulting Agreement With McCue Systems

NetSol Technologies, Inc. (NASDAQ: NTWK), adeveloper of proprietary software applications and provider of informationtechnology (IT) services, today announced that it has signed a softwaredevelopment and IT services agreement with Burlingame, California-basedMcCue Systems Inc., a leading provider of lease and loan portfoliomanagement software for banks, leasing companies and manufacturers. Underthe terms of the agreement, NetSol will provide the following services toMcCue:

-- Software design and development services-- Software quality assurance and testing services-- Product enhancement for McCue's LeasePak portfolio management suite

"We are pleased to announce a major new U.S.-based development project withMcCue Systems," commented Najeeb U. Ghauri, Chairman of NetSolTechnologies. "Our expertise in software development and IT services forthe equipment and vehicle leasing industry is a perfect fit with McCue, arecognized leader in enterprise lease loan software solutions. We lookforward to working closely with McCue's technical and product managementteams to roll out many new functional enhancements to their customer baseover the coming months."

"To ensure McCue's leadership position in the enterprise lease loanapplication niche, and to best meet the needs of our customers, we mustcontinue to rapidly design, develop, test and deploy the highest qualityproduct upgrades and new modules of our LeasePak software," said John McCueIII, President and Chairman of McCue Systems. "The success of NetSol'sLeaseSoft product family, along with its reputation for having a worldclass software development organization, makes it the ideal choice for astrategic development partnership." He further added, "NetSol's CMM level 4world class offshore development center promises a long term strategicpartnership, allowing us to effectively utilize NetSol's seasoned leaseapplication development resources to deliver great value to our U.S.-basedLeasePak customers."

McCue Systems' LeasePak is a comprehensive enterprise lease loan managementsystem that helps users track, account for and efficiently manage equipmentand vehicle lease and loan portfolios. LeasePak provides a completesolution for all lease and loan accounting, asset management andoperational needs, and is scalable to manage vehicle and equipmentportfolios of any size. The application incorporates both client-server andWeb-based architectures; runs on the SUN/Solaris, HP/UX, and Linuxplatforms using the Oracle or Sybase relational database systems.

About McCue Systems

With over 30 years of experience in developing business solutions for theequipment and vehicle leasing industry, McCue Systems Inc. is the leadingprovider of lease/loan portfolio management software for banks, leasingcompanies, and manufacturers. Its flagship product, LeasePak, simplifieslease/loan administration and asset management by accurately trackingleases, loans, and equipment from origination through end-of-term anddisposition.

McCue Systems leads the leasing technology industry in the development ofWeb-enabled and Web-based tools to deliver superior customer service,reduce operating costs, streamline the lease management lifecycle, andsupport collaboration with origination channel and asset partners. Alone inthe industry, McCue Systems offers a Web-based front-end system thatintegrates fully with the system's back-office database architecture.

By harnessing the most advanced technologies, McCue Systems can offer theright operating platform for almost any enterprise. LeasePak can beconfigured to run on HP-UX, SUN/Solaris or Linux as well as for Oracle andSybase users. And, for unmatched scalability, McCue Systems offers theLeasePak Bronze, Silver, and Gold Editions for systems and portfolios ofvirtually all sizes and complexities. McCue Systems' solutions set theindustry standard for reliability, providing the equipment and vehicleleasing infrastructure at leading Fortune 500 banks and manufacturers aswell as for the industry's leading independent lessors.

The leasing experts at McCue Systems work closely with lessors to put thecompany's leasing expertise to work to streamline lease operations andenhance customer retention at every stage of the lease lifecycle. For moreinformation, visit www.mccue.com.

About NetSol Technologies, Inc.

NetSol Technologies is an end-to-end solution provider for the lease andfinance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc.operates on a global basis with locations in the U.S., Europe, East Asiaand Asia Pacific. NetSol helps its clients identify, evaluate and implementtechnology solutions to meet their most critical business challenges andmaximize their bottom line. By utilizing its worldwide resources, NetSoldelivers high-quality, cost-effective IT services ranging from consultingand application development to systems integration and outsourcing.NetSol's commitment to quality is demonstrated by its achievement of bothISO 9001 and SEI (Software Engineering Institute) CMM (Capability MaturityModel) Level 4 assessment. For more information, visit NetSol Technologies'web site at www.netsoltek.com.

Securities Exchange Act of 1934

This release is comprised of inter-related information that must beinterpreted in the context of all the information provided; accordingly,care should be exercised not to consider portions of this release out ofcontext. This release is provided in compliance with Commission RegulationFD and contains certain "forward-looking statements" within the meaning ofSection 27A of the Securities Act of 1933 and Section 21B of the SecuritiesExchange Act of 1934. Any statements that express or involve discussionswith respect to predictions, expectations, beliefs, plans, projections,objectives, goals, assumptions or future events or performance, are notstatements of historical fact and may be "forward-looking statements."Forward-looking statements are based on expectations, estimates andprojections at the time the statements are made that involve a number ofrisks and uncertainties which could cause actual results or events todiffer materially from those presently anticipated. Forward-lookingstatements in this action may be identified through the use of words suchas "expects," "will," "anticipates," "estimates," "believes," or statementsindicating certain actions "may," "could," or "might" occur. Suchstatements reflect the current views of NetSol Technologies with respect tofuture events and are subject to certain assumptions, including thosedescribed in this release. Should one or more of the underlying assumptionsprove incorrect, actual results may vary materially from those describedherein as anticipated, believed or expected. NetSol Technologies does notintend to update these forward-looking statements prior to announcement ofquarterly or annual results.

Contacts:Marty Tullio or Mark D. TullioMcCloud Communications, LLC949.553.9748marty@McCloudCommunications.commark@McCloudCommunications.com

NetSol Technologies:Najeeb U. Ghauri, ChairmanTina Gilger, CFO818.222.9195najeeb@netsoltek.comtina@netsoltek.com

SOURCE:  NetSol Technologies, Inc.

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