COGENISYS Selects NetSol to Co-Develop Its Suite Of n-Generation Products.

Business Editors

CALABASAS, Calif.--(BUSINESS WIRE)--March 22, 2002

NetSol International, Inc. (Nasdaq:NTWK) a global IT services company, announced today that as part of the partnership framework created with COGENISYS, Inc. ("COGENISYS"), it has signed a "Development Agreement" valued at approximately $300,000 with COGENISYS to co-develop a UML (Unified Modeling Language) based Automated Code Generation Engine which, when delivered, will unveil advanced enterprise application automation and assembly resources for global e-business initiatives. NetSol will generate revenues in excess of $300,000 over the first three months of the agreement in a combination of cash and stock. NetSol would generate additional cash revenues upon the successful completion of the first phase, which is scheduled for delivery within the first three months.

NetSol will deploy a team of fifteen IT professionals consisting of Project Managers, Architects and Software Engineers over a six-month period to deliver the COGENISYS product. Due to the complex nature of the product, NetSol will use its unique methodologies and CMM disciplines to design and develop the product. The skill set requirements are inline with NetSol's internal resource pool of software engineers who possess expertise in Rational's Unified Process, JAVA 2 Enterprise Edition and Microsoft .NET platform to deliver the project at a fixed price and agreed timelines.

Daniel Daou, COGENISYS CEO, stated "In NetSol we have found a partner that delivers to us leading edge software development disciplines with assured quality due to their recent CMM assessment, at an extremely competitive price. We have started the first phase of our relationship with NetSol and are very

confident that the agreement signed today delivers real cost advantages to COGENISYS and expedites our time to market to launch our products."

Naeem Ghauri, CEO of NetSol stated, "This is our first revenue project since receiving our CMM assessment, and we are confident more companies such as COGENISYS will view NetSol as a technology delivery partner with extremely high quality standards combined with a very competitive pricing model which is typically 30% lower than other offshore development providers."

About NetSol International, Inc.

Headquartered in Calabasas, Calif., NetSol International, Inc. (Nasdaq:NTWK) operates on a global basis with locations in the U.S., East Asia and Asia Pacific. NetSol helps their clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol has been delivering high quality, cost effective IT services ranging from consulting and application development to systems integration and outsourcing for years. Their commitment to quality is demonstrated by achieving both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 2 certification.

About COGENISYS, Inc.

COGENISYS, Inc. is an e-business software company specializing in advanced enterprise applications automation. Its n-Generation Platform(TM) and its CodeModeler(TM), CodeEngine(TM) and CodeIntegrator(TM) product lines streamline the n-tiered application development process for DNA, .Net and J2EE frameworks. For more information about COGENISYS please contact the corporate offices at 1-888/678-CODE (888/678-2633). You may also visit COGENISYS on the World Wide Web at http://www.cogenisys.com.

Forward Looking Statement:

This release contains 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 of those products and services. A more detailed description of certain factors that could affect actual results include those factors discussed in the Company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB. NetSol International, Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.