NetSol Technologies, Inc. a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced an update from its CEO, Najeeb Ghauri, on its corporate business developments.
Mr. Ghauri, NetSol's Chairman and CEO, stated: "We have seen a noticeable increase in activity within Pakistan's public sector, and its health and private business sectors are also on the rise. As a premier IT company in Pakistan, NetSol has been invited as a pre-qualified company to tender offers for several new projects, and our business development teams are aggressively bidding for these contracts. We expect to periodically update our investors with material developments as we win these bids."
The Company's management has completed several recent purchases of NetSol stock, including 500,000 shares acquired in February and March 2011. Mr. Ghauri commented, "The management team has enhanced its ownership through open market buying and exercise of options, which is reflective of our long-term view and outlook. We exercise options both to improve our shareholdings and also to take advantage of unusually low stock valuation. Our intention is to continue to enhance our ownership, and we have no plans to sell any shares."
"Our backlog from previous quarters is keeping our sales and delivery teams very busy in the current quarter," Mr. Ghauri continued. "In addition, we have a number of exciting announcements in the pipeline, and we expect to be able to share several of them with our investors over the next several weeks."
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