Southborough, Mass. - January 22, 2003 - 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 Ricoh Technosystems' (RTS) implementation of ViryaNet Service Hub continues successfully on track. Ricoh Technosystems, a subsidiary of Ricoh Company Ltd. (OTC: RICOY), the 66-year-old leading service supplier of office automation equipment and
electronics, has over 300 service centers and 5,000 employees. Reported in ViryaNet's corporate earnings press release on August 7, 2002 as a large, unnamed, high-technology services company in Asia, Ricoh Technosystems selected ViryaNet Service Hub in Q2 2002 to automate its workforce management, maintenance, and service operations.
Under the terms of the contract, Ricoh Technosystems licensed ViryaNet Service Hub and Mobile Workforce Management, Service Scheduler, eSupply, and eContract applications. Using ViryaNet Service Hub and applications, Ricoh Technosystems will manage its Network Integration Business, which includes network planning, design, installation, and maintenance.
ViryaNet Service Hub and applications will enable Ricoh Technosystems to optimize its 1,000 field engineers and 500 support staff, who are members of the Network Integration Business and have the responsibilities of dispatch, contract administration, and spare parts logistics. ViryaNet Service Hub also will provide Ricoh Technosystems' managers with analysis on the data accumulated during service
processes and support their decision making about business issues.
"We view ViryaNet technology as the best solution to meet our service management needs," stated Ryuji Kosuge, General Manager of the NI business Unit of Ricoh Technosystems Co. "ViryaNet Service Hub and applications will support our strategy of providing the highest quality service, by optimizing our workforce, improving our management of spare parts, and automating our maintenance
operations."
Ricoh Technosystems is aiming to fully deploy ViryaNet Service Hub in all of its service branches in Spring of 2003.
"Ricoh Technosystems possesses a long history of providing customers with quality products and quality services," stated Win Burke, president and CEO, ViryaNet. "We are proud to have been selected by Ricoh Technosystems as they look to expand their service offering and utilize our Service Hub and applications to automate maintenance and workforce operations and enrich the customer experience.
We are committed to Ricoh Technosystems' long-term growth and success."
About Ricoh Technosystems
For information about Ricoh Technosystems, visit the company's Web site,
http://www.r-ts.co.jp/.
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, and its customer purchases. 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. 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.