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OTC Journal Newsletter
June 20, 1999	Volume II, Issue 25

Email : info@otcjournal.com
URL : http://www.otcjournal.com

To OTC Journal Members:

Many thanks to all the members that are helping us beta test 1st Net's Simulated Stock Trading Game. We are hoping that the game works well enough to begin play for cash prizes on July 1st. An announcement will be made soon. If it appears that you're portfolio diminishes in value inexplicably, don't worry. Just go into your history, and the game will pick up a current quote feed and reprice your stocks.

Update on Netsol International (OTC BB: NTWK- formerly MGHI)

Our first profile of 1999 was Mirage Holdings, which has since changed names to Netsol International, and trades under the symbol NTWK.

Back on March 5th we published an edition in which Howard Stillman, an equities analyst with Wall Street experience, published a report on Netsol International with a buy recommendation.

Last week, Mr. Stillman updated his recommendation with a price target of $6 per share, double the current price. Mr. Stillman's phone number is published below and he accepts calls from shareholders, so if you have any questions about his conclusions, feel free to contact him.

Research Profile
June 10, 1999

Howard Stillman
Investment Analyst
760/737-9580

Strong Buy
Price Objective: $6
Netsol International Inc.
(formerly Mirage Holdings Inc.)
(OTC BB:NTWK)

Capitalization (March 31, 1999)

Long term debt: nil
Common stock: 7,202,065 shares outstanding
Float: 1,100,000 approximate
Price: 3 1/8
Price range: 6 high, 2 low
Fiscal year: June 30, 2000
Est. revenues: $12 million
Est. earnings per share: $0.25
P/E ratio: 12.5x

1. Substantial growth expected in fiscal 2000, with sales expected to nearly triple to 12 million and earnings of $0.25 per share.

2. Serious negotiations are underway to acquire a software company that would add substantial revenues and profits.

3. An expanded strategic alliance with ICOM INFORMATIQUE of France, a leading European software supplier, could potentially exceed $3 million next year.

4. Additional contracts with Mercedes Benz Europe expected to aggregate over $2.5 million.

5. A new strategic internet/e-commerce alliance with a U.S. based public company.

6. New software to identify and resolve Y2K problems on personal computers to be introduced this summer.

Summary and Conclusion
A skilled and experienced management team has moved rapidly on the fast track for growth, as a specialty software development and service company operating in world markets. By creating a strong format through its successful relationship with Mercedes Benz Finance, Netsol has launched an aggressive expansion effort by enhancing its customer base through both new market penetration and acquisitions. Accomplishments to date set the stage for enormous growth potential in the year ahead. At current price levels, the shares have superb potential for risk oriented investors seeking substantial capital gains.

Operations
Products are developed in Pakistan by highly skilled and talented software engineers, with labor costs at just 10% of their U.S. counterparts. From their well received auto leasing software with Internet capabilities for Mercedes Benz. The company now serves general industry and entry into the consumer field is planned. Netsol England markets and services company products. A U.S. presence will be established shortly.

The recent ISO 9001 certification awarded its Pakistani operation provides prestigious accreditation to the company and such recognition should provide a major contribution to business growth in international markets. The ISO 9001 designation stands for quality, consistency and professionalism. Netsol is the first Pakistani company to achieve such recognition.

Construction of a new 20,000 sq ft development facility in Pakistan is underway and will ultimately be expanded to 100,000 square feet as the company builds its infrastructure to support its growth prospects. This could potentially employ up to 1,000 developers and programmers.

Outlook
Outsourcing and e-commerce are the buzz words for the future and Netsol is tuned in to these needs. The management team draws its considerable experience from prior official positions with corporate giants like Arco, Mercedes Benz Finance, BHP International and Pepsi Cola. The stage has been set to blend their talents to provide the ingredients necessary to make Netsol a superior operating performer as we enter the new millennium.

CONTACT: Howard Stillman- 760-737-9580

Disclaimer
This report is read at your own risk. It was prepared for a fee of $4,000. It is based upon information believed to be reliable, but cannot be guaranteed as to its accuracy or its completeness.

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Disclaimer

The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible. All statements and expressions are the sole opinions of the editors and are subject to change without notice. This profile is neither an offer nor solicitation to buy or sell any securities mentioned. This newsletter is owned by SSP Management, Inc, a wholly owned subsidiary of 1st Net Technologies, Inc ("1st Net"). While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with which they are affiliated, may own stock in and have other financial dealings with the companies who appear in the publication. To that degree, this newsletter should not be regarded to be an independent publication. SSP Management, the parent company of the OTC Journal, has been paid a fee of $50,000 in cash, and 50,000 shares of restricted stock as compensation for representing Netsol International for a period of one year. The OTCjournal.com critiques may contain forward looking statements relating to the expected capabilities of the companies mentioned herein.

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