July 10, 2003
ViryaNet Announces Reseller Agreement with Bitek; Extends Presence in Korea and Asia/Pacific Market
Southborough, Mass. - July 10, 2003 - ViryaNet (NASDAQ: VRYA), a leading provider of integrated mobile and Web-based software applications for workforce management and the automation of field service delivery, today announced a strategic agreement with Bitek, a systems integration and application solutions company, headquartered in Korea.
Under the terms of the agreement signed in March, Bitek will act as a value added reseller (VAR) of ViryaNet Service Hub, and will market, sell, implement, and support the ViryaNet solutions in a variety of industries in the Asia / Pacific markets. The terms of the agreement included an initial purchase by Bitek of ViryaNet software licenses.
"Bitek is an impressive company with high quality management and staff," indicated Win Burke, president and CEO, ViryaNet. "Together we believe that the Korean and Asia/Pacific market is ready for such solutions as ours. We are excited by the opportunity in this large geographic market, and are confident that Bitek will be very successful as a partner in helping ViryaNet extend its market reach into this promising region."
"We are delighted to be offering ViryaNet Service Hub to the Asia/Pacific market," stated Baik Lee, president and CEO, Bitek. "There exists strong demand for application solutions that help improve operational efficiency and bottom-line results, and ViryaNet's product does just that. Its industry-standard platform and technologies will guarantee quick adoption by users in our core industries."
Bitek is a leading provider of Mobile e-Business solutions. The Company, established in 1988, has provided product and services to the Korean market for over a decade. In 1999, Bitek began focusing its business toward the burgeoning domestic mobile services industry, launching its wireless/mobile solutions and SI businesses in the year 2000. The Company business focus is to become the leading provider of business mobile solutions in the Korean and Asia/Pacific markets.
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 utility, telecommunications, grocery and retail, high-technology manufacturing, HVAC, 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.
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.
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