July 31, 2006
ViryaNet Receives Notice from Nasdaq
SOUTHBOROUGH, MA - July 31, 2006 - ViryaNet Ltd. (Nasdaq: VRYA) announced today that it received notice on July 26, 2006 from The NASDAQ Stock Market, indicating that the Company is not in compliance with the $1.00 minimum bid price requirement for continued listing, as set forth in Marketplace Rule 4320(e)(2)(E)(i), which went into effect at the end of May, and that the Company will be provided 180 calendar days, or until January 22, 2007, to regain compliance.
To regain compliance, the Company's ordinary shares must close at $1.00 or higher for a minimum of 10 consecutive business days within that stated 180 day period.
If the Company is not in compliance with the Rule by January 22, 2007, the Company may be afforded a second 180 calendar day grace period provided it satisfies the NASDAQ initial listing criteria (except for the bid price requirement), as set forth in Marketplace Rule 4320(e).
If ViryaNet does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, the Company's ordinary shares will be subject to delisting from the Nasdaq Capital Market. ViryaNet would then be entitled to appeal the Nasdaq Staff's determination to a Nasdaq Listing Qualifications Panel, and request a hearing.
ViryaNet is a provider of software applications that improve the quality and efficiency of an organization's service operations. ViryaNet's products enable companies in the utility, telecommunications, retail, insurance, and general service sectors to manage and optimize mission critical business processes. ViryaNet helps companies improve the full spectrum of workforce management processes, including customer interactions, managing work through more efficient scheduling and dispatching and right time field communication. By focusing on managing the exceptions, ViryaNet is able to provide its customers with a greater degree of value than other providers. The results are improved operational performance, a better customer experience and a higher degree of regulatory compliance. Visit ViryaNet at www.viryanet.com.
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 June 30, 2006, 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.
We'd love to show you how ViryaNet can help you find the optimal operating point for your service organization, save dollars, and provide better service.