Southborough, Massachusetts - July 7, 2005 - 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 it has signed an amendment to the terms of its Assets Purchase Agreement with e-Wise Solutions, previously announced on June 15, 2005.
Under the terms of the amendment, ViryaNet may, in its sole discretion and at any time but no later than October 15, 2005, elect to pay the additional consideration notwithstanding the achievement by e-Wise of certain performance objectives for FY 2005 which have been agreed to in the Assets Purchase Agreement. If ViryaNet elects to exercise this option, the additional consideration, payable in ViryaNet's Ordinary Shares, shall be reduced by 10% and shall be US$630,000 instead of
US$700,000.