Oct to Nov 2010 - Teletimes

NetSol Technologies
regains full NASDAQ compliance
NetSol Technologies, Inc., a
U.S. corporation providing
global business services and
enterprise application solutions
to private and public sector
organizations worldwide,
has announced that NASDAQ
has notified the Company
that it has regained compliance
with the minimum bid
price requirement in Listing
Rule 5550(a)(2) and met the
requirements of the NASDAQ
Listing Qualification Panel (the
“Panel”) decision dated March
22, 2010. Accordingly, the Panel
has determined to continue
the listing of the Company’s
common stock on the NASDAQ
Capital Market exchange.
The letter from NASDAQ stated
that on March 22, 2010, the
Company was notified that its
common stock failed to maintain
a minimum bid price of
$1.00 over the previous 30
consecutive business days as
required by the Listing Rules of
the NASDAQ Stock Market. On
September 23, 2010, the Company’s
closing price was $1.39
per share, the tenth consecutive
day it had exceeded the
$1.00 per share threshold. Accordingly,
NetSol has regained
compliance with all applicable
listing rules.
Salim Ghauri, Chairman and
CEO of NetSol, stated, “As
NetSol’s CEO, I am always very
conscious of shareholder value
and am pleased to be back in
full compliance. I believe that
our fundamentals and business
offering are very strong,
and our team is dedicated in
executing our business plans
and strategy. What we are trying
to build in NetSol is unique
and critical for our blue chip
global customers. Even after
the recent appreciation, our
current stock price does not
reflect the real worth of the
Company, but we trust that
the market is beginning to realize
our true value and potential
and will reward our shareholders
accordingly.” T
Salim urges structural changes in policy on science
and technology
Salim Ghauri, Chairman and
CEO NetSol Technologies
Ltd, has stressed that Pakistan
has to introduce structural
changes in the policy on science
and technology for ensuring
qualitative transformation
of industrial sector and to
compete in the international
market.
Talking to a group of students
from different InfoTech institutions,
he said there is an urgent
need on the part of government
to show full commitment with
on providing quality, technological,
scientific and modern
education for all.
According to him, the global
business scene was on full
throttle due to high-tech advancement
in all fields of education
and it is high time for
Pakistanis to fully aware of
rapid technological advancement
around the globe.
He said that excellence in the
field of science and technology
is a prerequisite to develop
skilled manpower.
Salim said human resource
was the area where Pakistan
was lacking behind with its regional
competitor in the field
of Information Technology. He
said the young Pakistani IT
Salim expresses concern over delay in
release of IT scholarships
Salim Ghauri, Chairman and
CEO NetSol Technologies,
has expressed concerns over
the future of hundreds of IT
students at stake due to delay
in release of scholarships by
the Ministry of IT.
He said a large number of
students are studying on the
Ministry’s scholarships besides
dozens of research projects being
run on Ministry IT funds
and any further delay may put
the future of these students
and researchers at stake.
He lamented over the press reports
suggesting that the funds
are being delayed just because
that the Board of Directors of
the Information and Communication
Technologies Research
and Development (ICT R&D)
Fund has failed to hold a meeting.
Therefore, funds could not
be released to the students
studying on scholarships in
various local universities and
for research projects initiated
by the fund.
The Ministry had established
National ICT R&D Fund in September
2006 aimed at transforming
Pakistan’s economy
graduates have proved their
talent across the world whenever
they got an opportunity
to perform.
He lauded the efforts made
by the Ministry of Information
Technology in promoting
IT education in Pakistan and
expressed the hope that the
Pakistan IT sector would become
major contributor to its
exports soon. T
into a knowledge-based economy.
At present, the Fund has
been supporting about 1,300
students mostly from rural
and underprivileged areas in
terms of scholarships’ award
for four-year BS programme in
IT related disciplines. The Fund
had also enabled initiation of
about 40 research sponsoring
development projects for PhD
students. T
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15Oct - 14Nov 2010