Major U.S. Aerospace Defense Contractor Selects NetSol's smartOCI Search Engine for eProcurement Solution

CALABASAS, Calif., Aug. 23, 2011 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that a major U.S. aerospace defense contractor has signed an agreement to implement NetSol's smartOCI search engine software in its SAP eProcurement environment. Contract terms were not disclosed for competitive reasons.

"Our smartOCI product continues to provide an important solution for companies seeking a one-stop shop when searching catalogs across their contracted supplier base," said Najeeb Ghauri, chairman and CEO of NetSol. "Developing software that helps companies streamline their business processes in this economy is of strong importance and we believe smartOCI fulfills that need.

"We have built a sizeable pipeline with the smartOCI product and are optimistic about its short and long term market opportunities," Ghauri added.

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. 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.

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

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Source: NetSol Technologies Inc.