<PAGE> 1
CUSIP NO. 64115A105 SCHEDULE 13G PAGE 1 OF 10 PAGES
(RULE 13d-102)
Information to be Included in Statements Filed Pursuant to Rule 13d-1(b), (c)
and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___________)*
NETSOL INTERNATIONAL, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
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(Title of Class of Securities)
64115A105
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(CUSIP Number)
AUGUST 26, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act, but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 64115A105 13G PAGE 2 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Blue Water Master Fund, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Blue Water Master Fund, L.P. - British Virgin Islands
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Number of
5 Sole Voting Power
Shares Blue Water Master Fund, L.P. - 561,000**
-----------------------------------------------------
Beneficially 6 Shared Voting Power
Blue Water Master Fund, L.P. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Blue Water Master Fund, L.P. - 561,000**
-----------------------------------------------------
Reporting 8 Shared Dispositive Power
Person With Blue Water Master Fund, L.P. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Blue Water Master Fund, L.P. - 561,000**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ]
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11 Percent of Class Represented by Amount in Row (9)
7.4%** (based on 7,632,065 shares outstanding as of September 17, 1999
as reported in the Issuer's Form 10-KSB)
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12 Type of Reporting Person*
Blue Water Master Fund, L.P. - OO
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* See Instruction before filling out.
** See Item 4 of this filing.
<PAGE> 3
CUSIP NO. 64115A105 13G PAGE 3 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Blue Water Partners, L.L.C.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Blue Water Partners, L.L.C. - State of California
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Number of
5 Sole Voting Power
Shares Blue Water Partners, L.L.C. - 561,000**
-----------------------------------------------------
Beneficially 6 Shared Voting Power
Blue Water Partners, L.L.C. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Blue Water Partners, L.L.C. - 561,000**
-----------------------------------------------------
Reporting 8 Shared Dispositive Power
Person With Blue Water Partners, L.L.C. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Blue Water Partners, L.L.C. - 561,000**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
7.4%** (based on 7,632,065 shares outstanding as of September 17, 1999
as reported in the Issuer's Form 10-KSB)
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12 Type of Reporting Person*
Blue Water Partners, L.L.C. - OO
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 64115A105 13G PAGE 4 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
JDI Management Corp.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
JDI Management Corp. - State of New York
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Number of
5 Sole Voting Power
Shares JDI Management Corp. - 561,000**
-----------------------------------------------------
Beneficially 6 Shared Voting Power
JDI Management Corp. - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each JDI Management Corp. - 561,000**
-----------------------------------------------------
Reporting 8 Shared Dispositive Power
Person With JDI Management Corp. - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
JDI Management Corp. - 561,000**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ]
(See Instructions)
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11 Percent of Class Represented by Amount in Row (9)
7.4%** (based on 7,632,065 shares outstanding as of September 17, 1999
as reported in the Issuer's Form 10-KSB)
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12 Type of Reporting Person*
JDI Management Corp. - CO
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 64115A105 13G PAGE 5 OF 10 PAGES
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1 Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Jonathan D. Iseson
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(See Instructions) (b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
Jonathan D. Iseson - United States of America
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Number of
5 Sole Voting Power
Shares Jonathan D. Iseson - 561,000**
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Beneficially 6 Shared Voting Power
Jonathan D. Iseson - 0
Owned by -----------------------------------------------------
7 Sole Dispositive Power
Each Jonathan D. Iseson - 561,000**
-----------------------------------------------------
Reporting 8 Shared Dispositive Power
Person With Jonathan D. Iseson - 0
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
Jonathan D. Iseson - 561,000**
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ]
(See Instructions)
- --------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
7.4%** (based on 7,632,065 shares outstanding as of September 17, 1999
as reported in the Issuer's Form 10-KSB)
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12 Type of Reporting Person*
Jonathan D. Iseson - IN
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* See Instruction before filling out.
** See Item 4 of this filing.
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CUSIP NO. 64115A105 13G PAGE 6 OF 10 PAGES
ITEM 1.
(a) Name of Issuer: NetSol International, Inc.
(b) Address of Issuer's Principal Executive Offices: 233 Wilshire Blvd.,
Suite 510
Santa Monica, CA 90401
ITEM 2.
(a) - (c) Name, Principal Business Address and Citizenship of Persons Filing:
(1) Blue Water Master Fund, L.P.
c/o Citco Fund Services
Kaya Flamboyan 9
Curacoa, Netherland Antilles
Citizenship: British Virgin Islands
(2) Blue Water Partners, L.L.C.
701 Palomar Airport Road, Suite 150
Carlsbad, California 92009
Citizenship: California
(3) JDI Management Corp.
6 Chanticlaire
Manhasset, NY 11030
Citizenship: New York
(4) Jonathan D. Iseson
c/o Blue Water Partners, L.L.C.
6 Chanticlaire
Manhasset, NY 11030
Citizenship: USA
(d) Title of Class of Securities: Common Stock, par value $0.001 per share
(e) CUSIP Number: 64115A105
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
(a) - (j) Not Applicable.
If this Statement is filed pursuant to Rule 13d-1(c), check this box. [X]
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CUSIP NO. 64115A105 13G PAGE 7 OF 10 PAGES
ITEM 4. OWNERSHIP
The information in Items 1, 5 through 11 on the cover pages (pp. 2-5) on
Schedule 13G is hereby incorporated by reference.
Blue Water Master Fund, L.P., a British Virgin Islands limited
partnership (the "Fund"), was formed for the purpose of investing in U.S.
equities. All of the shares of NetSol International, Inc. ("NetSol") covered
hereby are owned of record by the Fund. The Fund has the right to receive any
dividends on, or the proceeds from the sale of, these securities.
Blue Water Partners, L.L.C., a California limited liability company (the
"L.L.C."), is the general partner of the Fund. As a result of its role as
general partner of the Fund, the L.L.C. has the ability to exercise voting
and/or dispositive power over shares of NetSol held in the Fund, and, therefore,
the L.L.C. may be deemed to be the beneficial owner of the shares of NetSol held
by the Fund. However, the L.L.C. does not have the right to receive any
dividends on, or the proceeds from the sale of, the securities held in the Fund
and disclaims any ownership associated with such rights.
JDI Management Corp., a New York corporation ("JDI"), is a principal of the
L.L.C. As a principal of the L.L.C., JDI has the ability to exercise voting
and/or dispositive power through the L.L.C. over shares of NetSol held in the
Fund. Consequently, JDI may be deemed to be the beneficial owner of the shares
of NetSol beneficially owned by the L.L.C. However, JDI does not have the right
to receive any dividends on, or the proceeds from the sale of, the securities
held in the Fund and disclaims any ownership associated with such rights.
Jonathan D. Iseson is the principal of JDI and is the investment manager
and decision maker for the Fund. Mr. Iseson is filing this joint statement with
the Fund because such roles enable him to exercise control over JDI, the L.L.C.
and the Fund. Mr. Iseson does not own of record any shares of NetSol and he has
not engaged in any transaction in common stock. However, as a result of his
position as the principal of JDI, which is the principal of the L.L.C., which is
the general partner of the Fund, and as the investment manager and decision
maker for the Fund, Mr. Iseson has the power to exercise or to direct the
exercise of such voting and/or dispositive power that the Fund may have with
respect to NetSol common stock held by the Fund. All shares reported herein have
been acquired by the Fund, and Mr. Iseson specifically disclaims beneficial
ownership over any shares of NetSol common stock that he, JDI, the L.L.C. or the
Fund may be deemed to beneficially own. Mr. Iseson does not have the right to
receive any dividends from, or the proceeds from the sale of, the securities
held in the Fund and disclaims any ownership associated with such rights.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable.
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CUSIP NO. 64115A105 13G PAGE 8 OF 10 PAGES
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
See Item 4 above.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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CUSIP NO. 64115A105 13G PAGE 9 OF 10 PAGES
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: September 30, 1999
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C.
Its General Partner
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
-----------------------------------------
BLUE WATER PARTNERS, L.L.C.
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
-----------------------------------------
JDI MANAGEMENT CORP.
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JONATHAN D. ISESON
/s/ Jonathan D. Iseson
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<PAGE> 10
CUSIP NO. 64115A105 13G PAGE 10 OF 10 PAGES
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, the persons named below agree to the joint filing on behalf of each of
them of a Statement on Schedule 13G (including amendments thereto) with respect
to the Common Stock, par value $0.001 per share, of NetSol International, Inc.
and further agree that this Joint Filing Agreement be included as an Exhibit to
such joint filings. In evidence thereof, the undersigned hereby execute this
Agreement as of the 30th day of September 1999.
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C.
Its General Partner
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
-----------------------------------------
BLUE WATER PARTNERS, L.L.C.
By: JDI Management Corp.
Its Principal
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
-----------------------------------------
JDI MANAGEMENT CORP.
By: Jonathan D. Iseson
Its Principal
/s/ Jonathan D. Iseson
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JONATHAN D. ISESON
/s/ Jonathan D. Iseson
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