Software International Reaches Settlement of Amsol Litigation

SOMERSET, N.J., March 18 /PRNewswire-FirstCall/ -- Software International, Inc. ("SII") OTC: SWII PinkSheets: SWII announced today that it reached a settlement agreement with respect to its litigation against Subba Raju Indukuri, the former Chief Executive Officer and a director of SII and the principal officer and stockholder of the Amsol Companies, American Solutions, Inc., Amsol, Inc., IK Solutions, Inc., Anthony Information Technology, Inc. and Indtech Info Solutions Private Limited (collectively, the "Amsol Companies") and other stockholders of the Amsol Companies (Mr. Indukuri, the Amsol Companies and the other Amsol stockholders are referred to herein as the "Amsol Parties"). The litigation involved whether SII had completed the acquisition of the Amsol Companies pursuant to a Stock Purchase Agreement dated March 30, 2006. In accordance with the settlement agreement, the Amsol Companies agreed to pay SII the sum of $5.625 million (payable on a monthly basis through October 2008) in consideration of SII relinquishing any ownership rights with respect to the Amsol Companies. In addition, Subba Raju Indukuri forfeited all ownership rights with respect to securities of SII. In accordance with the settlement agreement, $1.5 million of the cash settlement is required to be held in escrow to protect certain indemnification obligations SII has to the Amsol Parties.

About Software International, Inc.

Software International provides a full suite of on-site, onshore and offshore application development services (ADS) and IT consulting to Fortune 1000 companies in the financial, brokerage, manufacturing, pharmaceutical, legal and insurance industries worldwide. Every project is fully staffed and managed by SII's team of project managers, engineers, technical support and account management professionals.

Forward-Looking Statements

This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements." Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such statements reflect the current views of Software International, Inc. with respect to future events and are subject to certain assumptions, including any which may be described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. Software International, Inc. does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.

    Contact Person:
    Suneel Sawant, Chairman and President
    Software International, Inc.
    (732) 302-1900 Ext. 233