Southborough, Mass. - November 11, 2003 - ViryaNet (NasdaqSC: VRYA), a leading provider of integrated mobile and Web-based software applications for workforce management and the automation of field service delivery, today announced the appointment of Manuel Sanchez Ortega and Lior Bregman to its Board of Directors. Both Manuel Sanchez Ortega and Lior Bregman will be subject to reelection, as identified in ViryaNet's recently filed proxy statement that announces its annual
shareholders' meeting, scheduled for November 26, 2003.
Mr. Sanchez currently serves as a director and the chief executive officer of Telvent, the information technology subsidiary of Abengoa, S.A. of Spain. Telvent, located in Madrid, Spain, is ViryaNet's largest shareholder. Mr. Sanchez brings extensive management experience in international business, with a strong focus on the utilities, telecommunications, and high-technology sectors. Mr. Sanchez received
a Bachelor of Science degree in electrical engineering from the Universidad Pontificia Comillas (ICAI) of Madrid and a Master in Business Administration from the IPADE of Mexico.
Lior Bregman is a private investor focusing on identifying new investment themes and potential beneficiaries of new technologies. Mr. Bregman has an abundance of experience in the investment industry, serving in the past as a Managing Director with CIBC/Oppenheimer. Mr. Bregman was intimately involved in the development of CIBC/Oppenheimer's high technology effort, and was responsible for its
telecommunication equipment research effort in general and the wireless communication area in particular. He has been recognized by the Wall Street Journal and Institutional Investor All Star surveys for his insightful work. Mr. Bregman received a Bachelor of Arts degree from the Hebrew University of Jerusalem and a Master in Business Administration from Stanford University.
"We are delighted to welcome Manuel and Lior to our Board of Directors," said Samuel HaCohen, Chairman of the Board, ViryaNet. "They each bring distinguished industry experience and solid financial backgrounds to ViryaNet. We are extremely fortunate to add such accomplished people with industry perspective to our board."
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 utility, telecommunications, grocery and retail, high-technology manufacturing, HVAC, and other service 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, its future cash position, 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 20-F, dated July 15, 2003, 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.