Recently Established Vroozi Division to Implement Project
         Valued at Approximately $1 Million in Fiscal 2012

CALABASAS, Calif., Jan. 23, 2012 (GLOBE NEWSWIRE) -- NetSol
Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and
enterprise application solutions, today announced a new professional
services contract with LTC Supply Source, an emerging partner in the
long-term care industry's procure-to-pay arena based in Mesa, Ariz., to
implement the SAP purchasing platform and smartOCI Marketplace via
NetSol's Vroozi division.

Under the agreement, NetSol will assist LTC Supply Source in building a
fully automated portal using the SAP Supplier Relationship Management
platform and the smartOCI marketplace, which allows multiple facilities
and corporate offices to seamlessly connect with vendors and ancillary
service providers, as well as purchase goods and services for facility
operations. The agreement is valued at approximately $1 million, which
includes license and ongoing service fees.

"By combining our SAP professional services expertise in supply chain
and procurement technologies with our own smartOCI e-commerce
marketplace, we are able to help LTC Supply Source build upon its
leadership position in providing procurement services for the long-term
care industry," said Shaz Khan, senior vice president NetSol
Technologies, COO and co-founder of Vroozi. "We look forward to a long
and mutually beneficial relationship."

In addition, the parties have agreed in principle to build an industry
solution extension for the smartOCI Marketplace, which will incorporate
business processes and best practices in the long-term care industry.
Terms for the solution extension have not yet been determined.

"We chose NetSol because of their years of experience in SAP
implementation and the power of their smartOCI software to streamline
the procurement process in an intuitive, easy-to-use interface," said
Stephen Olds, CEO of LTC Supply Source.

NetSol's smartOCI product is designed to facilitate the B2B procurement
process by providing companies with a powerful e-commerce search engine
that improves purchasing efficiencies and delivers a compelling B2C
like user experience in the B2B eProcurement space. The software allows
companies to access their global suppliers and retrieve competitive
pricing information to meet their purchasing requirements, as well as
collaborate with their suppliers to exchange and publish catalog
content.

About NetSol Technologies

NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider
of global IT and enterprise application solutions that include credit
and finance portfolio management systems, SAP consulting and services,
custom development, systems integration, and technical services for the
global Financial, Leasing, Insurance, Energy, and Technology markets.
Headquartered in Calabasas, Calif., NetSol's product and services
offerings have achieved ISO 9001, ISO 20000, ISO 27001, and SEI
(Software Engineering Institute) CMMI (Capability Maturity Model)
Maturity Level 5 assessments, a distinction shared by only 178
companies worldwide. The company's clients include Fortune 500
manufacturers, global automakers, financial institutions, utilities,
technology providers, and government agencies. NetSol has delivery and
support locations in San Francisco, London, Beijing, Bangkok, Lahore,
Adelaide and Riyadh.

Investors can receive news releases and invitations to special events
by accessing our online signup form at
http://bit.ly/NetSol_Investor_Signup_Form.

Forward-Looking Statements

This press release may contain forward-looking statements relating to
the development of the Company's products and services and future
operation results, including statements regarding the Company that are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. The word "plan,"
variations of such words, and similar expressions, identify
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, but their absence does not mean that the
statement is not forward-looking. These statements are not guarantees
of future performance and are subject to certain risks, uncertainties,
and assumptions that are difficult to predict. Factors that could
affect the Company's actual results include the progress and costs of
the development of products and services and the timing of the market
acceptance. The subject Companies expressly disclaim any obligation or
undertaking to update or revise any forward-looking statement contained
herein to reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances upon which
any statement is based.


CONTACT: PondelWilkinson Inc.
         Evan Pondel (310) 279-5973
         investors@netsoltech.com