Overland Storage to Announce Second Quarter Fiscal 2012 Financial Results on February 9, 2012

   Overland Storage (NASDAQ: OVRL), a trusted global provider of effortless data management and data protection solutions across the data lifecycle, today announced that it will report financial results for its fiscal 2012 second quarter ended December 31, 2011 on Thursday, February 9th, 2012 following the close of the market. The Company will host a conference call and webcast at 5:00 p.m. Eastern Time that afternoon to discuss the results.

What: Overland's Second Quarter Fiscal 2012 Financial Results Conference Call

When: Thursday, February 9th at 5:00 p.m. Eastern Time (2:00 p.m. PT)

Dial-In Number: 877-941-2068 (US and Canada) 480-629-9712 (International)

Webcast: To access the live webcast, please visit the investor relations section at www.overlandstorage.com

Call Replay: A replay of the call will be available approximately one hour following the end of the call through 11:59 p.m. ET on Thursday, February 16, 2012.

Replay Numbers: 800-406-7325 (US and Canada) 303-590-3030 (International) Replay passcode: 4511319#

About Overland Storage Overland Storage is a trusted global provider of effortless data management and data protection solutions across the data lifecycle. By providing an integrated range of technologies and services for primary, nearline, offline, archival, and cloud data storage, Overland makes it easy and cost effective to manage different tiers of information over time. Whether distributed data is across the hall or across the globe, Overland enables companies to focus on building their business instead of worrying about data growth. Overland SnapServer®, SnapSAN®, NEO® and REO® solutions are available through a select network of value added resellers and system integrators. For more information, visit www.overlandstorage.com.

Safe Harbor Statement Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. This report contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believes," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and our actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include: our ability to raise outside capital to adequately fund our operations and to service and repay debt as it comes due; our ability to maintain and increase sales volumes of our products; our ability to aggressively control costs; our ability to achieve the intended cost savings and maintain quality with our new manufacturing partners; our ability to generate cash from operations; our ability to timely introduce new competitive products and the degree of market acceptance of such new products; the timing and market acceptance of new products introduced by our competitors; our ability to maintain strong relationships with branded channel partners; our ability to maintain the listing of our common stock on The NASDAQ Capital Market; customers', suppliers' and creditors' perceptions of our continued viability; rescheduling or cancellation of customer orders; loss of a major customer; general competition and price measures in the market place; unexpected shortages of critical components; worldwide information technology spending levels; and general economic conditions. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

Connect with Overland Storage: Follow Overland on Twitter: www.twitter.com/OverlandStorage Visit Overland on Facebook: www.facebook.com/OverlandStorage

Overland Storage, SnapServer, SnapSAN, NEO, REO and the Overland logo are trademarks Overland Storage, Inc., that may be registered in some jurisdictions. All other trademarks used are owned by their respective owners.

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Investor Relations Contact: Charles Messman or Todd Kehrli MKR Group Inc. 323-468-2300 [e-mail] Media Contact: Elizabeth Zaborowska Bhava Communications [e-mail] 510-219-8127