Promotes key executives to focus on executing channel, product and market growth strategies
Southborough, MA. - February 9, 2010- ViryaNet Limited (VRYAF.PK), a leading provider of software solutions that optimize business processes for field service management, today announced key executive promotions for Jeff Oskin and Aviram Hinenzon.
These key promotions will leverage the success ViryaNet has experienced in 2009.
ViryaNet has been profitable through the first 3 quarters of 2009 and expects to be profitable in 2009 (Q4 results have not yet been announced) with significant improvements in gross margins. In addition, ViryaNet is beginning to deliver key capabilities from its focused technology investments in its G4 integrated product platform. Finally, ViryaNet's channel strategy and key partnerships are providing significant wins in strategic targeted markets.
With this strong foundation for growth in place, promotions for Jeff Oskin and Aviram Hinenzon will align their new roles with the continued execution of ViryaNet's strategic plan.
Jeff Oskin has been promoted to President of ViryaNet. Jeff was previously COO of ViryaNet and has been a key contributor to ViryaNet recent success. Jeff has been with ViryaNet for more than 10 years. He has played a major role in developing and building ViryaNet's channel partnerships. In his new role as President, Jeff will be responsible for driving the execution of the company's growth strategy that includes continued profitable growth through expanding channel sales and building
key strategic partnerships.
Aviram Hinenzon has been promoted to Vice President of Marketing of ViryaNet. Aviram was previously Vice President of Product Management. Aviram has been with ViryaNet since 2006 and has been responsible for ViryaNet's product strategy. Working closely with partners and customers, Aviram drove the vision for ViryaNet's next generation platform, G4, which delivers un-paralleled field service management capabilities. In his extended role as VP of Marketing, Aviram will be responsible for
both the continued development of leading product capabilities and extensive outward-bound marketing programs to the market,
ViryaNet's customers and its partners.
"One of the key assets for ViryaNet has been its strong leadership team, said Memy Ish Shalom, CEO of ViryaNet. I am confident that Jeff and Aviram, in their new roles, will help ViryaNet reach its next milestones for growth and continued profitability."
About ViryaNet
ViryaNet provides packaged industry solutions that intelligently guide, automate, and optimize both simple and complex field service work, resulting in operational excellence. ViryaNet's solutions specialize in the functions of scheduling and dispatching resources and enabling mobile field communication. Embedding industry best practices and utilizing a powerful workflow engine, web architecture, and visibility suite, the ViryaNet solutions allow companies to outperform their competition,
better the customer experience, improve financial performance, and address regulatory compliance. ViryaNet possesses a 22-year history in the field service space, a vast number of customers across a variety of industries, and strong partnerships with leading platform and system integration companies. Headquartered in Southborough, MA, ViryaNet enjoys a worldwide presence with offices and customers located in North America, Europe, and the Pacific Rim. For more information, visit
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 October 30, 2009 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.
Press Contact:
Yoni Mozeson
ViryaNet, Ltd
508-490-8600, ext 3025
Yoni.mozeson@viryanet.com