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VERA News Veramark Wins Major TEM Contract Worth Over $4 Million

PITTSFORD, N.Y.--(BUSINESS WIRE)--Veramark Technologies, Inc. (OTCBB: VERA) today announced that it has signed a contract to provide Telecommunications Expense Management services (TEM) to a large national retail chain with over 17,000 wireless devices, several hundred thousand lines, and a spend of over $150 million for telecom services. The contract has a term of 36 months and an expected value of over $2 million for the first 18 months, after which it may be cancelled with the option to license Veramark’s Enterprise software suite, VeraSMART. If continued for the additional 18 months of the contract, the total expected value will be over $4 million. Telecommunications Expense Management (TEM) and Managed Services revenues are recognized on a monthly basis rather than the immediate revenue recognition of a premises based software license sale. This large contract provides many TEM services including:

    Inventory Management -- validation of all telecom services, where
    they are and what they cost, for over 17,000 wireless devices and
    several hundred thousand lines.

    Analysis and Optimization -- of all telecom services including
    identification of inefficiencies and optimization of over $150
    million in telecom services.

    Contract Management -- validation that terms and conditions are
    being met by carriers and suppliers.

    Process Management -- conversion from a paper driven invoice
    environment to an all electronic invoice environment, validating
    the accuracy of bills against the configuration of the telecom
    service, the inventory, the tariff, and the contract.

    Network Management -- day to day management of the inventory life
    cycle.

Veramark's Enterprise software suite, VeraSMART, is an integral component of this TEM solution. Veramark will use the VeraSMART Invoice and Work Order Management modules to process and manage over 1,500 invoices each month. VeraSMART’s Asset Management module will be used to track and manage cable and other telecommunication assets. Additionally, VeraSMART’s Directory, Allocation, Online Ticket Manager, Call Accounting and Online Directory modules complete this extensive facilities management solution. The solution includes management of telecommunications inventory, moves, adds and changes, allocation of monthly expenses to internal business units; creation and management of telecom work orders; creation of telecom orders and changes to telecom vendors; and provides the customer’s personnel with easy desktop access to company directory information. And finally, with VeraSMART’s EZ-Share™ middleware solution, the customer will be able share data with accounts payable, general ledger and other internal information systems.

This contract is the culmination of months of TEM industry research, development, testing, and refinement to provide the TEM capabilities and industry leading best practices for which customers have been asking.

About Veramark Technologies, Inc.

For over 20 years, Veramark’s telemanagement solutions have set the industry standard for technological excellence, application experience, and process expertise. Veramark’s completely web-based software architecture integrates communications management software with operation support systems (OSS) software. These solutions include eCAS and VeraSMART Call Accounting, Telemanagement, Work Flow Management, Help Desk/Trouble Ticket, Asset Management, Directory/Information Management, Service Inventory Build and Line Verification, Service Analysis and Recommendations, Wireless Optimization and Ongoing Management, Contract Analysis/Negotiations, and Billing Dispute Resolution.

This broad portfolio of products and services allows enterprises to optimize network performance, increase productivity, improve enterprise security, and measurably reduce communications expenses. By utilizing industry-standard databases, secure web-browser based user interfaces, and dynamic reporting tools, Veramark’s products and services make managing complex communications networks easy and efficient. Veramark’s web-based architecture eliminates the need for client software and makes the solutions accessible from every networked PC in the enterprise. In addition to Veramark’s premise-based solutions, Veramark offers its customers a robust ASP and managed services alternative, (“TEM”) designed to meet all or a portion of the customer’s defined needs.

The company sells and markets its solutions directly and through leveraged distribution channels to customers ranging from the Fortune 500 to small businesses as well as the public sector, including government agencies and the military. Veramark’s leadership position is demonstrated by its relationships with telecom's leaders - Avaya®, Nortel Networks®, Cisco Systems®, NEC Unified, AT&T Inc., Sprint® and others. All Veramark products and services are made and provided by personnel in the United States.

Veramark, eCAS and VeraSMART are registered trademarks of Veramark Technologies, Inc. All other marks are the property of their respective owners.

This report may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause actual results to differ from the anticipated results expressed in such forward-looking statements. These may include but are not necessarily limited to changes in general economic conditions in the United States and overseas, technological changes in the telecommunications or computer industries, the timely and successful launch of planned new products, the timely installation and acceptance by end-user customers, and the impact of competition or changes In the marketing strategies of major distributors.