Southborough, Mass. - January 20, 2006 - ViryaNet (NasdaqSC: VRYA), a leading provider of integrated mobile and Web-based software applications for workforce management and field service delivery, today announced the appointment of Memy Ish-Shalom as President and Chief Executive Officer (CEO). Mr. Ish-Shalom replaces Paul V. Brooks, who served as President and CEO since November 2004, after joining ViryaNet from its acquisition of Utility Partners, Inc. Mr. Brooks has
resigned, citing personal reasons. In a parallel announcement, ViryaNet promoted Jeff Oskin to the position of Chief Operating Officer (COO).
Memy Ish-Shalom, who was most recently CEO of Wadago, Ltd., brings 20 years of senior management and leadership experience to ViryaNet. He has held a number of executive and general management positions within the high technology and enterprise software marketplace, leading companies to growth and success. Mr. Ish-Shalom previously served ViryaNet for a number of years in a variety of positions, including as
ViryaNet's COO from January 2001 until November 2002.
"ViryaNet holds a leadership position in the mobile workforce management industry, supported by bright employees, loyal customers and shareholders, and a preeminent product. I am proud to lead the company to its next level of growth," stated Mr. Ish-Shalom, President and CEO, ViryaNet.
Jeff Oskin, former VP, International Sales, ViryaNet, has been promoted to the position of ViryaNet's COO. Mr. Oskin also possesses a strong track record within the field service sector.
"Memy is very knowledgeable about our industry, and has the ability to create a vision and then build the necessary team and momentum to achieve that vision. And Jeff has a proven track record in achieving operational excellence and market success. Each is a seasoned executive with strong management skills and leadership qualities," stated Samuel HaCohen, Chairman of ViryaNet's Board of
Directors. "I also wish to thank Paul for his contributions to the Company," concluded Mr. HaCohen.
On another matter, the Company announced that it intends to issue its Q3 2005 financial earnings statement on or before January 31, 2006.
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 - 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, 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. Visit ViryaNet at
www.viryanet.com.
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, 2005, 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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