SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 15, 2003
NETSOL TECHNOLOGIES, INC.
Nevada
(State or other jurisdiction of incorporation)
| 000-22773 | 95-4627685 | |
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| (Commission File Number) | (IRS Employer Identification No.) |
| 24011 Ventura Blvd., Suite 101, Calabasas, CA | 91302 | |||
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| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 818/222-9195
| Item 5. Other Events. | ||||||||
| Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS | ||||||||
| SIGNATURES | ||||||||
| EXHIBIT 99.1 | ||||||||
Item 5. Other Events.
The Registrant entered into an agreement with United Kingdom-based Akhter Group PLC. Under the terms of the agreement, Akhter Group acquired 49.9 percent of NetSol Technologies’ wholly owned subsidiary’s stock, Pakistan-based NetSolConnect (Pvt) Ltd., an Internet Services Provider in Pakistan.
The initial stage of the agreement provides NetSol with an investment of up to $1 million in cash to launch a broadband infrastructure in Karachi, the largest business hub in Pakistan. The initial infrastructure will provide a 155MB backbone and a 5MB broadband to customer premises using a proprietary broadband technology and an infrastructure consisting of 20 hubs. After the successful launch of the initial six-month beta program to Karachi’s residential and commercial customers, additional rollouts of the base stations are scheduled in Lahore and Islamabad within a 12-month period.
The second investment into the program could provide up to $20 million to create the first Terabit backbone in Pakistan. This will allow NetSol to provide data, voice, video and other multi-media services to major cities within Pakistan.
A copy of the press release detailing the transaction is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
| Exhibit No. | Description | |
| 99.1 | Press Release, dated August 7, 2003, announcing the partial acquisition of NetSolConnect. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Dated: August 15, 2003 | NETSOL TECHNOLOGIES, INC. | |||
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/s/ Naeem Ghauri By: Naeem Ghauri Its: Chief Executive Officer |
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