NETSOL TECHNOLOGIES SIGNS NEW SOFTWARE DEVELOPMENT AND CONSULTING AGREEMENT WITH McCUE SYSTEMS

NetSol Technologies, Inc. (NASDAQ:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has signed a software development and IT services agreement with Burlingame, California-based McCue Systems Inc., a leading provider of lease and loan portfolio management software for banks, leasing companies and manufacturers.

[ClickPress, Thu Feb 23 2006] NetSol Technologies, Inc. (NASDAQ:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has signed a software development and IT services agreement with Burlingame, California-based McCue Systems Inc., a leading provider of lease and loan portfolio management software for banks, leasing companies and manufacturers. Under the terms of the agreement, NetSol will provide the following services to McCue:

• 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 with McCue Systems,” commented Najeeb U. Ghauri, Chairman of NetSol Technologies. “Our expertise in software development and IT services for the equipment and vehicle leasing industry is a perfect fit with McCue, a recognized leader in enterprise lease loan software solutions. We look forward to working closely with McCue’s technical and product management teams to roll out many new functional enhancements to their customer base over the coming months.”

“To ensure McCue’s leadership position in the enterprise lease loan application niche, and to best meet the needs of our customers, we must continue to rapidly design, develop, test and deploy the highest quality product upgrades and new modules of our LeasePak software,” said John McCue III, President and Chairman of McCue Systems. “The success of NetSol’s LeaseSoft product family, along with its reputation for having a world class software development organization, makes it the ideal choice for a strategic development partnership.” He further added, “NetSol’s CMM level 4 world class offshore development center promises a long term strategic partnership, allowing us to effectively utilize NetSol's seasoned lease application development resources to deliver great value to our US-based LeasePak customers”.

McCue Systems’ LeasePak is a comprehensive enterprise lease loan management system that helps users track, account for and efficiently manage equipment and vehicle lease and loan portfolios. LeasePak provides a complete solution for all lease and loan accounting, asset management and operational needs, and is scalable to manage vehicle and equipment portfolios of any size. The application incorporates both client-server and Web-based architectures; runs on the SUN/Solaris, HP/UX, and Linux platforms using the Oracle or Sybase relational database systems.


About McCue Systems

With over 30 years of experience in developing business solutions for the equipment and vehicle leasing industry, McCue Systems Inc. is the leading provider of lease/loan portfolio management software for banks, leasing companies, and manufacturers. Its flagship product, LeasePak, simplifies lease/loan administration and asset management by accurately tracking leases, loans, and equipment from origination through end-of-term and disposition.

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

By harnessing the most advanced technologies, McCue Systems can offer the right operating platform for almost any enterprise. LeasePak can be configured to run on HP-UX, SUN/Solaris or Linux as well as for Oracle and Sybase users. And, for unmatched scalability, McCue Systems offers the LeasePak Bronze, Silver, and Gold Editions for systems and portfolios of virtually all sizes and complexities. McCue Systems’ solutions set the industry standard for reliability, providing the equipment and vehicle leasing infrastructure at leading Fortune 500 banks and manufacturers as well as for the industry’s leading independent lessors.

The leasing experts at McCue Systems work closely with lessors to put the company’s leasing expertise to work to streamline lease operations and enhance customer retention at every stage of the lease lifecycle. For more information, visit www.mccue.com.


About NetSol Technologies, Inc.

NetSol Technologies is an 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 delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) 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 be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance, are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such statements reflect the current views of NetSol Technologies with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. NetSol Technologies does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.


Contacts:

McCloud Communications, LLC
Marty Tullio or Mark Tullio
949.553.9748
marty@McCloudCommunications.com
mark@McCloudCommunications.com

NetSol Technologies
Najeeb U. Ghauri, Chairman
Tina Gilger, CFO
818.222.9195
najeeb@netsoltek.com
tina@netsoltek.com

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