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NetSol Technologies board OKs stock buyback program

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NetSol Technologies board OKs stock buyback program

The board of NetSol Technologies Inc. approved a stock buyback program for the purchase of up to $5 million of the company's common stock.

The one-year program has two six-month phases, with the first phase allowing for the buyback of up to $2.5 million of shares from May 30 through Nov. 30.

After the initial expiration date, management will have the option to approve a secondary phase, covering up to $2.5 million in additional share repurchases. NetSol expects to fund the repurchases with its existing cash balance including cash generated from operations.