Southborough, Mass. - May 22, 2002 - ViryaNet (NASDAQ: VRYAD), a leading provider of integrated mobile and Web-based software applications for workforce management and the automation of field service delivery, today announced that Telvent Interactiva, a value added reseller (VAR) of ViryaNet solutions to the utilities marketplace in Spain, Portugal, and Latin America, will showcase the ViryaNet application at the GE Network Solutions 2002 conference and exhibition in the city
of Budapest, Hungary on May 20 through May 22.
The exhibition will provide hundreds of delegates the opportunity to see and get hands-on experience to all the major products and applications from GE Network Solutions and the GE affiliates. Executives from Telvent will present a paper on the benefits associated with automating workforce management and will be exhibiting in their booth the ViryaNet application operating on wireless devices.
"Companies the world over are beginning to understand the powerful benefits achieved when automating the activities of their field workforces, stated Win Burke, president and CEO, ViryaNet. "The ability to 'push' information to the field, receive instant updates on progress, determine customer entitlement terms and parts availability, and close work orders means a positive impact on the
bottom line and the ability to promote customer relationships."
"We're pleased to be presenting the most powerful application in the world for field service management," stated Adolfo Borrero, CEO, Telvent Interactiva. "We continue to see strong demand in the utilities marketplace for the ViryaNet application and its capability to manage and automate the range of field service activities - from short-duration tasks to complex assignments."
About ViryaNet
ViryaNet is a provider of software applications that improve the quality and efficiency of an organization's service operations. ViryaNet's flagship product - the award-winning ViryaNet Service Hub - combines the power of the Internet, the freedom of wireless technologies, and the resources of ViryaNet's deep service expertise to help companies improve workforce scheduling, dispatching, and
activity reporting; customer contract and entitlement automation; and asset, logistics and repairs management.
Customers in the telecommunications, utility, high-technology manufacturing, grocery and retail, insurance, HVAC, and other industries use ViryaNet Service Hub to transition complex service business processes into a manageable, scalable Internet operation, with the goal of increasing service revenues, decreasing service costs, and maximizing customer satisfaction.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its
products, its relationships with its customers, its customer purchases, its future operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements.
Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in
costs and operating expenses, risks in technology development and commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form F-1, as amended, declared effective by the SEC on September 19, 2000, and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should
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