NetSol (NTWK) Withdrawals Offer to Bring Kevin Packard on as CFO

On January 18, 2012, NetSol Technologies, Inc. (Nasdaq: NTWK) issued a press release announcing that effective January 23, 2012, Mr. Kevin Pickard would be joining the Company as its CFO. Since this press release, and prior to Mr. Pickard commencing work, the Company has withdrawn its offer to Mr. Pickard. This decision was based on subsequent disclosures made to the Company. Mr. Boo-Ali Siddiqui will continue as the Chief Financial Officer of the Company on the same conditions and terms as previously reported.

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