Southborough, Mass. - April 29, 2002 - ViryaNet (NASDAQ: VRYA), a provider of integrated mobile and Web-based software applications for workforce management and the automation of field service delivery, today announced that its Board of Directors has approved the Company, as authorized by ViryaNet's shareholders in the special general meeting held on April 22, 2002, to effect a 10 to 1 reverse share split of ViryaNet's Ordinary Shares.
The reverse share split is expected to become effective starting the opening of trading on the Nasdaq National Market and the Tel-Aviv Stock Exchange on Wednesday, May 1, 2002. On that date, ViryaNet's Ordinary Shares will begin trading on a reverse split basis under the temporary trading Nasdaq symbol VRYAD for a period of twenty (20) trading days to reflect the post-split status of the Ordinary Shares.
At the end of this period, the ticker symbol will revert back to VRYA. Upon the effectiveness of the reverse share split, 10 shares of Ordinary Shares of NIS 0.1 par value per share will be converted and reclassified as one share of post-split Ordinary Share of NIS 1.0 par value per share, and each existing stock certificate will represent one-tenth the number of shares shown thereon. Any fractional Ordinary Shares that result from this share exchange will not be issued, but will be rounded up
and exchanged for one (1) whole Ordinary Share. After the reverse share split, ViryaNet will have approximately 2.68 million Ordinary Shares outstanding.
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.
Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: 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.