Autoliv Electronics Canada Inc. Selects Vastera's Managed Services For Canadian Global Trade Management Solution.Business Editors/High-Tech Writers DULLES, Va.--(BUSINESS WIRE)--June 10, 2003 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 To Initiate at Manufacturing Facility In Ontario, Canada Vastera, Inc. (Nasdaq:VAST), the leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that Autoliv Electronics Canada Inc., has selected Vastera to provide Managed Services for the company's plant operations in Markham, Ontario Markham (2006 Population 261,573[0]) is located in York Region, directly north of Toronto, and is part of Toronto's CMA. It is larger than many Canadian cities. Despite its qualifications regarding population, it has not had the title of city conferred upon it by the , Canada. The agreement between Vastera and Autoliv Electronics Canada calls for Vastera to provide its Managed Services offering, which includes classification, broker management, trade compliance with NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's provisions, and duty management, for Autoliv Electronics Canada's manufacturing plant in Markham, Ontario. Autoliv Electronics Canada manufactures and supplies electronic components for use in automotive safety systems. "With increased attention by the U.S. and Canadian governments to ensure border security, the burden on companies trading across those markets is significantly increased," said Peter Porreca, Business Development Manager for Autoliv Electronics Canada Inc. "In choosing a partner to manage our trade processes, we required a company with global Customs expertise, working knowledge of preferential pref·er·en·tial adj. 1. Of, relating to, or giving advantage or preference: preferential treatment. 2. trade programs such as NAFTA and experience in working with Canada's national Customs policies and systems. Only Vastera could offer all of this. We look forward to a long and successful partnership." "Vastera is clearly the premier solution in the auto industry to manage and automate Autoliv Electronics Canada's trade processes, and we are very pleased to add Autoliv Electronics Canada to our expansive list of marquee clients in this market," said Michael Jepsen, Vice President, Worldwide Sales and Marketing for Vastera. "This agreement with Autoliv Electronics Canada is another step in the right direction for Vastera as we continue to expand our offerings into key regions and markets around the world." About Autoliv Electronics Canada Inc. Autoliv Electronics Canada Inc. manufacturers electronic components for use in automotive safety systems. Autoliv Electronics Canada Inc. is part of Autoliv Inc., the worldwide leader in automotive safety systems with 80 facilities and over 32,000 employees in 30 vehicle producing countries. For more information about Autoliv Electronics Canada Inc. visit www.autoliv.com. About Vastera Vastera is the worldwide leader in providing solutions for Global Trade Management (GTM). Vastera clients realize significant reductions in costs to manage their global trade operations while improving compliance with government regulations and service levels to end customers. Vastera's GTM solutions include: TradeSphere (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 (business process consulting), and Managed Services (business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in ). TradeSphere interprets country-specific information requirements The information needed to support a business or other activity. Systems analysts turn information requirements (the what and when) into functional specifications (the how) of an information system. while providing visibility of in-transit inventory. By utilizing TradeSphere, companies can provide governments with accurate information prior to their goods arriving at borders, helping goods move effectively and efficiently across borders without interruption. By combining TradeSphere with Vastera's Trade Management Consulting, companies can standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. and automate business processes, more effectively manage supplier and partner relationships, while reducing costs and cycle times and increasing cash flow. Through Vastera's Managed Services offering, clients gain the benefit of world-class trade expertise, an integrated global software platform and process knowledge. These companies achieve guaranteed hard dollar cost savings, take full advantage of preferential trade programs and improve international service levels without having to internally deploy software or hire trade experts throughout the world. As the only publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. focused exclusively on global trade, Vastera has nearly 600 professionals, in 13 countries, with over 400 clients utilizing their GTM solutions. For more information, visit www.vastera.com. This press release includes statements that 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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