November 02, 2006
ViryaNet Unveils Strategic Vision at Customer Conference
Three Pillars of Strategy Include Modular Components, Industry Content, and Unsurpassed Functionality
SOUTHBOROUGH, MA - November 2, 2006 - Over 75 customers and business partners gathered in Orlando last week for ViryaVision, a three-day customer conference conducted by ViryaNet (Nasdaq: VRYA). This event provided attendees opportunity to witness new product demonstrations, listen to content-rich presentations, participate in industry forums, and discuss best practices within the utilities, telecommunications, retail, and general field service sectors, ViryaNet's chosen industries in which it sells and deploys its workforce management solutions.
"ViryaVision gave my team and me insight into ViryaNet's immediate and future plans, which was helpful to us. We better understand the use of the product," said Brian Hoying, IS Supervisor, Las Vegas Valley Water District.
A special customer advisory board meeting, conducted during the conference, welcomed new members and discussed ways for customers to continue influencing upcoming products from ViryaNet.
"We learned a lot, not only at the workshops, but through informal conversations with peers from other companies - and other industries. Our goals were met and exceeded," said G. Seetharam, Project Manager, Louisville Water Company.
During the conference, the Company unveiled its innovative business-focused vision, which will incorporate advanced technologies with industry expertise to provide customers a competitive advantage. Jeff Oskin, ViryaNet's Chief Operating Officer, discussed the current state of the product and the three pillars that will comprise the Company's strategic vision: modular components, industry content and best practices, and robust application functionality.
"ViryaVision was a deeply rewarding experience for the entire Aquila team," said Brett Williams, Director - Dispatch Operations, Aquila. We are encouraged by the ViryaNet product roadmap.
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. The results are increased service revenues, decreased service costs, and maximized customer satisfaction. ViryaNet's robust set of applications help companies improve workforce scheduling, dispatching, and activity reporting; customer contract and entitlement automation; and asset, logistics, and depot repair management. 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 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.
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