[0] Vastera Expands TradeSphere Capabilities to Include Customs Warehousing and Duty Management for Europe.Business Editors/Hi-Tech Writers DULLES, Va.--(BUSINESS WIRE)--Aug. 8, 2001 Vastera, Inc. (Nasdaq:VAST), the leading provider of solutions for Global Trade Management, today announced the addition of Customs warehousing and duty management capabilities within its TradeSphere suite of solutions for Global Trade Management. Vastera's Customs warehousing capabilities enable companies to increase profitability by delaying import duty and tax payments until products are sold. Vastera's duty management capabilities enable companies to identify and facilitate preferential trade programs, like the EU-Mexico agreement, as well as facilitate inward processing, which allows companies to recoup duties paid on products that are re-exported outside of the EU. Effective duty management can drive significant financial savings for companies. By facilitating Ford Motor Company's duty management program in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , for example, Vastera is helping the automotive giant save $1.4 billion annually. Vastera's import solution is also helping companies reduce brokerage fees and expedite customs clearance by enabling them to file entries electronically with Customs agencies in Europe, such as CHIEF in the U.K. Matsushita Avionics Systems, for example, has been certified for electronic filing with Vastera's TradeSphere solution by Her Majesty's Customs and Excise HM Customs and Excise officers guarded the borders of the United Kingdom from smugglers. Following a 1971 amalgamation, the service included the former Waterguard, whose uniformed officers had long been a common sight at entry points into the United Kingdom; its insignia included a . "We are now certified to file our entries electronically via TradeSphere with U.K. Customs," said Rose Da Gama-Ribiero, Customs Compliance Director at Matsushita Avionics Systems. "We expect this capability to significantly improve our import cycle times, and reduce our processing costs." Electronic filing of entries is just one aspect of the Customs Freight Simplified Procedures (CFSP CFSP Common Foreign and Security Policy (European Union) CFSP Certified Funeral Service Practitioner CFSP Certified Food Safety Professional (NEHA) CFSP Customs Freight Simplified Procedure ) program that Vastera is helping companies take advantage of. The CFSP program, adopted by U.K. Customs in the summer of 1998 to replace the old period entry scheme phased out in the summer of 2001, is designed to expedite the customs clearance process. By automating CFSP for U.K. importers, Vastera's TradeSphere is helping companies significantly reduce customs clearance times clearance time, n the time taken for a cariogenic exposure to pass from the oral cavity; depends largely upon type of food ingested, efficiency of the lips, teeth, and tongue, and the amount of saliva present in an individual's oral cavity. , lower inventory levels, improve cash flows and eliminate the need for paper within their import process. "Many companies are leaving significant potential savings unrealized because they don't have the means to facilitate Customs warehousing and duty management programs," said Mark Ferrer, President and COO of Vastera. "These programs are too complex and cumbersome for most companies to manage manually. Our TradeSphere solution automates these processes, allowing companies to take full advantage of the significant savings." About Vastera Vastera is the leading provider of solutions for Global Trade Management. Its solutions including software, trade management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects and managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality , are designed to streamline global business. The foundation of these solutions is Global eContent, a comprehensive, rules-based application of country-specific trade and regulatory content, which is updated daily. Vastera's solutions drive quick, tangible benefits for its clients by accelerating the flow of goods through the global supply chain, and reducing the associated operational costs. Vastera clients include: Ford, Visteon, Alcatel, Microsoft, Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. Dairy Board and Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony . For more information, please visit www.vastera.com. This press release includes statements, which may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Statements in this press release that are not strictly historical are "forward looking" statements which are subject to the many risks and uncertainties that exist in Vastera's operations and business environment. These risks and uncertainties may cause actual results to differ materially from the expected results and include, but are not limited to, Vastera's limited operating history, history of losses and anticipation of continued losses, potential volatility of quarterly operating results, the ability to successfully implement Vastera's expansion plans, risks related to the Internet, risks related to legal uncertainty and other risks which are set forth in more detail in Vastera's Registration Statement on Form S-1, as amended, as well as other reports and documents filed from time to time with the Securities and Exchange Commission. |
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