NetSol Technologies Teams With Top 5 U.S. Defense Contractor With Joint Bid Submitted for Significant Multi-Million Dollar Military Contract in Pakistan

EMERYVILLE, CA--(Marketwire - July 16, 2009) - NetSol Technologies, Inc. "NetSol" (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced that NetSol Defense Division (NDD), a business unit of NetSol Technologies, Inc., is teaming with a top 5 U.S. defense contractor to jointly respond to Pakistan Ministry of Defense request for proposals. In line with this teaming agreement, NetSol has jointly submitted a bid for the digitization of the Pakistan military forces as well as an automated command and control system.

The contract bid, which has been jointly developed and submitted, is estimated to be in excess of $350 million over an estimated five plus years. Under the proposed program, NetSol seeks to provide system development and local country integration support as well as flexible follow on services using expert resources within Pakistan. The contract, if awarded, would be jointly implemented as a single team providing defense services to meet the customer requirements. The proposed bid will be reviewed, along with other submitted proposals, by the appropriate Pakistani authorities.

"We are extremely pleased to be teaming with a major U.S. based military contractor to jointly pursue large scale military modernization solutions," said Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive Officer. "Our teaming agreement and joint bid activity for this major defense contract reflects NetSol Technologies' success in consolidating its standing as one of the preferred solutions providers for the Pakistan military as well as defense organizations seeking to provide complex integrated defense solutions within the region. We have been working diligently to cater specifically to the growing demands in this domain and to deliver services with the professionalism and reliability that epitomizes NetSol's CMMI Level 5 standing."

The NetSol Defense Division (NDD), serving military and defense organization customers since 2005, specializes in providing solutions for improvement and optimization of military operations as well as the management of defense and military forces. NDD has been active as a technology partner with the Pakistan Military and has delivered a number of solutions to the Army over the last several years. NDD has a unique blend of experience and highly skilled IT specialists and managers, and most importantly the domain expertise from the defense sector itself. The division has positioned itself as a platform-independent system integration partner for the unique mission requirements of the defense community as well as other government entities within Pakistan and the region. NetSol Technologies stands well positioned to help meet the demand for the automation and modernization of Pakistan's defense sector.

About NetSol Technologies, Inc.

NetSol Technologies, Inc. (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK) is a worldwide provider of global business services and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring™ practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Healthcare, Insurance, Energy, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Bangkok, Beijing, Lahore, London, and San Pedro Sula.

To learn more about NetSol Technologies, Inc., visit www.netsoltech.com.

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NetSol Technologies, Inc. Forward-looking Statement

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 words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward-looking statements, but their absence does not mean that the statement is not forward looking. With regards to the aforementioned joint defense contract bid, there is no clear guideline on the timing of any acceptance of the outstanding proposal and no guaranty that NetSol and its partner's proposed bid will be accepted. 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.

Contact Information: Contact: Investor Relations Christopher Chu Grayling Tel: +1-646-284-9426 Email: Christopher.chu@us.grayling.com