Southborough, Mass. - September 19, 2000 - ViryaNet Inc. (Nasdaq: VRYA) today announced the initial public offering of 4,000,000 of its ordinary shares at $8.00 per share. All shares are being sold by the Company, and will be listed on the Nasdaq National Market under the symbol "VRYA."
Chase H&Q acted as lead manager of the offering. The co-managing underwriters of the offering were Salomon Smith Barney and Dain Rauscher Wessels. ViryaNet has granted the underwriters the right to purchase up to 600,000 additional shares to cover overallotments. The Company intends to use the proceeds from the offering for international expansion, sales and marketing channel expansion, investment in
research and development, and general corporate purposes.
A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. A copy of the final prospectus may be obtained by calling Chase H&Q at 415-439-3423, Salomon Smith Barney at 718-765-6736, or Dain Rauscher Wessels at 612-371-2711.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ViryaNet
ViryaNet is a provider of Internet-based field service solutions for wireless workforce management, supporting mobile field engineers who use wireless devices such as PDAs, two-way pagers, and WAP-enabled cell phones. ViryaNet's Service Hub solution supports a variety of business processes in the areas of contracts, supply chain, and repair, including managing service level agreements, enabling customer
self service, automating repair returns, and providing auction-based asset procurement and replenishment.
Service Hub allows an organization's service community, including its employees, as well as its customers, partners, vendors, and suppliers, to work and collaborate on the Web. Service Hub enables organizations to leverage existing applications, legacy operations, and technology.
ViryaNet's professional services team and implementation partners enable implementation of the Company's solutions for corporations such as CapRock, Data General/EMC, ITC^DeltaCom, Inc., Nortel Networks, Sun Microsystems, Symbol Technologies, and Teraoka Seiko.
For additional information about ViryaNet and its solutions, visit the Company's website at
www.viryanet.com.