Southborough, Massachusetts - May 6, 2004 - 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 that its partner, Aspective, has signed an agreement with a new customer in the United Kingdom that calls for the deployment of ViryaNet Service Hub.
Aspective, a leading consultancy and service provider, is ViryaNet's prime European partner; Aspective markets, sells, and supports ViryaNet Service Hub in the United Kingdom and continental Europe.
Under the terms of the agreement, the customer, unnamed for confidentiality and competitive purposes, will use ViryaNet Service Hub to schedule, dispatch, and optimize its field workers; improve its management of inventory parts and supplies; automate many of the tasks associated with its asset maintenance; and unite the many constituents in its service community through Web browsers and wireless devices.
Through its deployment of ViryaNet Service Hub, the customer expects to increase its service revenue, improve field staff productivity and reporting, reduce capital needs, and improve response times to boost customer satisfaction.
"We are committed to advancing the ViryaNet product in the European market," said Javaid Aziz, CEO, Aspective. "This is a very significant win for us, and validates our strong position in providing quality solutions to enterprises seeking to improve their mobile and field-based operations. The ViryaNet product helps organizations improve the efficiency of their field staff - adding immense
value to the bottom line, which is an attractive proposition for any corporate officer."
Mr Aziz added that, "The customer had a detailed set of requirements for their workforce management system, and Aspective had to demonstrate a measurable return on investment under stringent test conditions. The fact that ViryaNet Service Hub was successful in this against very strong competition - which included market-leading scheduling solution providers - underlines its growing reputation in the
European marketplace."
"We are very impressed with Aspective's strong record of success," said Win Burke, president and CEO of ViryaNet. "Aspective has demonstrated repeatedly the benefits of strategic partnerships between vendors and skilled implementation partners. This is the latest in a series of new customers that Aspective has brought into the ViryaNet family in the last 18 months."
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 depot repair management.
Customers in the utility, telecommunications, grocery and retail, high-technology manufacturing, 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.
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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.
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