NETSOL Announces Stock Repurchase Program
November 16 2016 - 8:00AM
NETSOL Technologies, Inc. (Nasdaq:NTWK) (“NETSOL” or the
“Company”), a global business services and enterprise application
solutions provider to the Asset Finance and Leasing industry, today
announced that its Board of Directors has approved a stock
repurchase program that authorizes repurchases of up to 500,000
shares of its common stock over the next six months.
“Our decision to initiate this share repurchase program reflects
our confidence in our long-term growth prospects and our commitment
to enhancing total shareholder value,” said Najeeb Ghauri, CEO of
NETSOL. “Our strong balance sheet and financial flexibility
enable us to return capital to shareholders while continuing to
make long-term, growth-oriented investments.”
Under the stock repurchase program, the Company may repurchase
its common stock in the open market from time to time, in amounts,
at prices, and at such times as the Company deems appropriate,
subject to market conditions and federal and state laws governing
such transactions. NETSOL expects to fund the repurchase with its
existing cash balance including cash generated from operations.
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq:NTWK) is a
worldwide provider of IT and enterprise software solutions
primarily serving the global leasing and financing industry. The
Company’s suite of applications are backed by 40 years of domain
expertise and supported by a committed team of 1,500+ professionals
placed in eight strategically located support and delivery centers
throughout the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM
– help companies transform their Finance and Leasing operations,
providing a fully automated asset-based finance solution covering
the complete leasing and finance lifecycle.
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 “expects,” “anticipates,” variations of such
words, and similar expressions, identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, 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. The subject Companies expressly disclaim any
obligation or undertaking to update or revise any forward-looking
statement contained herein to reflect any change in the company's
expectations with regard thereto or any change in events,
conditions or circumstances upon which any statement is based.
Investor Contact ICRWilliam
Maina (646) 277-1236 investors@netsoltech.com
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