Science & Technology 
Science and Technology
Science and Technology 
Wed, March 25, 2009
Tue, March 24, 2009
Mon, March 23, 2009
NetSol Technologies Inc.: NetSol Technologies Combines US and UK Operations and Restructures Management to Streamline Global Or
EMERYVILLE, CA--(Marketwire - March 23, 2009) - NetSol Technologies, Inc. "NetSol" (
NetSol Technologies, Inc. streamlining and restructuring initiatives:
-- NetSol Technologies Europe (NTE) will merge operationally with NetSol North America (NTNA); the combined organization will be led by Mitch Van Wye, Chief Operating Officer, NetSol North America. -- The NetSol Global Sales Group has been formed to oversee all business development activities, under the leadership of Naeem Ghauri as the new NetSol Head of Global Sales. -- Boo Ali, NetSol Technologies Asia Pacific Region Senior Vice President, Chief Financial Officer has been promoted to the role of NetSol Technologies, Inc. group wide Chief Financial Officer to succeed Dan Lee. -- Senior management salary reductions representing up to 33% of compensation. -- Following the final comprehensive review of the company's non-binding letter of intent to acquire a majority stake in ID Interactive Holdings Ltd., it was determined the capital investment necessary would be higher than initial estimates. Based on this analysis, the company will not pursue an investment in ID Interactive.
Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive Officer, stated, "Following up on our recent announcement regarding NetSol's comprehensive cost reduction program, today we have launched further initiatives focused on organizational changes which will result in a more effective and results driven global platform, while supporting our focus on client delivery and execution. The company is repositioning its best human resources internally to manage its corporate sales, compliance and delivery to our customers worldwide. We are once again committed to achieving profitability as soon as possible as we take these cost rationalization steps."
Effective April 1, 2009, Boo Ali, NetSol Technologies Asia Pacific Region Senior Vice President, Chief Financial Officer has been promoted to the role of NetSol Technologies, Inc. group wide Chief Financial Officer, succeeding Dan Lee. Boo Ali has been with NetSol Technologies, Ltd since 2004 as its Chief Financial Officer. With more than twelve years of financial accounting experience, he is a chartered accountant. Prior to joining NetSol Mr. Ali worked at the SECP from 2001 to 2004, and prior to that held senior audit positions with Ford Rhodes Sidat Hyder & Co., a chartered accountant firm and member firm of Ernst & Young International. Boo Ali is a fellow member of the FPA and FICS as well as an associate member of the ACA.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (
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Forward Looking Statements
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.