NetSol Financial Suite Provides New Support for Alternative and Renewable Energy Products

Friday, Oct 10, 2008

NetSol Technologies Inc. ""NetSol"" a worldwide provider of global business services and enterprise application solutions, is expanding its NetSol Financial Suite (NFS) of products to include integrated features and functionality aimed at the leasing, loan, and asset management of alternative and renewable energy-based equipment and products.

Mitch Van Wye, Chief Operating Officer of NetSol Technologies North America, commented, ""According to the Equipment Leasing and Finance Foundation report on the Future of Financing Alternative Energy Equipment, there continues to be an increasingly global focus on renewable energy projects and products. NetSol has chosen to take a leadership role in further developing a 'green-friendly' suite of Financial Services products to fully support the renewable and alternative energy initiatives, in both North America and around the world."" Further commenting on the announcement, Mr. Najeeb Ghauri, chairman and CEO of NetSol Technologies, stated, ""We are very excited to announce our NFS product line's expansion to include renewable and alternative energy equipment. NetSol's enhancement of, and investment in, our products and services portfolio provides a strong scalable platform upon which to meet the changing needs of our industry and the world we live in.""

NetSol's new ""green"" application functionality set is designed to leverage and extend NetSol's existing Financial Suite of products with additional features that will support the leasing, loan, and asset management of renewable and recyclable energy-centric products and vehicles. As with any ""green"" initiative, there will be a wide range of tax-related incentives at the federal, state and local levels that must be accounted for, thus requiring powerful and flexible taxation management reporting capabilities. NetSol has addressed this need not only with green-friendly taxation tracking and reporting capabilities, but has added features supporting origination, booking, payment, customer service, collections, mid-term adjustments, maintenance and end of terms options support for renewable, recyclable as well as energy-friendly equipment.

Source: MarketWatch