ViryaNet Introduces eContract, a Web-based Application for Managing Customer Contracts

Business Wire, Jan 10, 2002

Business/Technology Editors

SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 10, 2002

ViryaNet eContract Manages Customer Entitlements and Offers Visibility

and "Self-Service" to Customers and Other Service Community

Members

ViryaNet (NASDAQ: VRYA), a leading provider of wireless and Web-based software applications that improve service delivery, today announced the release and availability of eContract, the Company's newest Web-based application.

ViryaNet's eContract builds on the strength of ViryaNet's award-winning contract and warranty management system, bringing the user interface to the Web. This powerful Internet application provides comprehensive, flexible, and interactive management of service contracts. eContract enables an organization to outline the relationship with its customers and establish definitions of the services that those customers will receive, including the response time, method of delivery, and cost.

As a Web-based application, ViryaNet's eContract provides the organization's entire service community with visibility to contract terms, charges, and discounts. With eContract, sales personnel, contract administrators, and customers can now easily and interactively request quotations, record changes, inquire about terms, buy new services, or provide what-if scenarios -- online, over the Internet.

When eContract is used in conjunction with ViryaNet's Wireless Workforce Management application, a service organization has precise knowledge of contract terms, is alerted to customer entitlements, and can deploy its engineers to the right place at the right time with the right part.

"ViryaNet's eContract leverages the power and flexibility of the Internet, and helps organizations automate the entire contract process -- from quoting through collection," stated Win Burke, president and CEO, ViryaNet. "Now, customers, using any standard Web browser, can participate in the contract lifecycle. This ensures that renewals are timely, collections are quicker, operations are profitable, and customers are empowered and happy."

"ViryaNet's eContract allows a service organization to raise the bar on customer service by setting and achieving new performance standards," says Michael Blumberg, a service industry expert and chief operating officer of D.F. Blumberg Associates, Inc., a management consulting firm, headquartered in Fort Washington, PA. "ViryaNet's eContract allows a service organization to manage both perception and reality, a pre-requisite for success in the high tech service industry. The result: the service organization can now deliver and guarantee better service, for which customers are happy to pay."

Availability

ViryaNet eContract is immediately available for delivery and implementation.

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 -- 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 telecommunications, manufacturing, utilities, third-party maintenance, consumer goods, grocery and retail, and other 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, its customer purchases, its future operational plans and objectives, its future business prospects, its future financial performance, 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 events associated with the September 11, 2001 terror attacks in the US, 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. 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.