Southborough, Mass. - March 6, 2002 - ViryaNet (NASDAQ: VRYA), a provider of integrated wireless and Web-based software applications for workforce management and the automation of field and enterprise-wide service delivery, today announced the formation of an Advisory Council tasked with shaping the future of the combined ViryaNet / iMedeon product line, with a focus on the utilities industry. ViryaNet recently acquired iMedeon, Inc. of Alpharetta, GA in a stock
transaction.
The Advisory Council will consist of visionary representatives from approximately six to ten companies, and include several industry analysts and thought leaders. The Advisory Council's members will analyze industry and regulatory issues, influence product functionality, determine market positioning, and steer the direction of the united offering.
"ViryaNet's acquisition of iMedeon allows us to provide best-in-class products to a variety of industries with a single, scalable solution for wireless workforce management with advanced scheduling, spare parts management, contract management and SLA monitoring, and RMA/depot repair automation," said Win Burke, president and CEO, ViryaNet. "The formation of our Advisory Council is an
opportunity for us to gain valuable insight from industry visionaries, and craft an application that is light years ahead of the competition."
About ViryaNet
ViryaNet is a provider of software solutions 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 consumer goods, grocery and retail, telecommunications, manufacturing, utilities, third-party maintenance, 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, 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 Inc. as of the date hereof, and ViryaNet Inc. 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 the events associated with the September 11, 2001 terror attacks in the US, 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 not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking
statements.