Cummins Latin America Selects Vastera TradeSphere Solution for Linha Azul Trade Program Requirements.Business Editors DULLES, Va.--(BUSINESS WIRE)--Feb. 24, 2004 Cummins Automates Linha Azul Trade Program Requirements to Ensure Real Time Efficiencies Throughout Latin American Operations Vastera, Inc. (Nasdaq:VAST), the leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that Cummins Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , a world leader in the development and distribution of diesel engines, has selected Vastera's TradeSphere solution to expedite the global trade processes through Brazil's Linha Azul (Blue Line) trade program. Utilizing Vastera's TradeSphere solution, Cummins' manufacturing facility in Sao Paulo empowers users to manage an average of 2100 imports each month. Once fully manufactured engines are complete, Cummins uses TradeSphere Brazil to export the engines to 11 countries throughout Latin America. "TradeSphere Brazil enables Cummins to streamline our import processes resulting in a decrease in import processing time. This greatly impacts our cost of manufacturing and ultimately our bottom line," said Lucio A. Nubile nu·bile adj. 1. Ready for marriage; of a marriageable age or condition. Used of young women. 2. Sexually mature and attractive. Used of young women. , CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. for Cummins. "Vastera provides more flexibility on materials planning and helps us avoid additional expenses on unnecessary air freights. We recognized significant efficiencies through the utilization of Vastera's GTM solutions." As a member of the Linha Azul trade program, Cummins is assured preferential forwarding of all products and components imported to and exported from Brazil's borders. Goods are guaranteed to cross borders through preferential trade program lanes in as little as two hours, but in no longer than four. The Linha Azul program is designed specifically for industrial products manufacturers that depend on the rapid movement of components between facilities spanning borders to support a just-in-time shipping process. Manufacturers are required to implement process automation software before being considered for inclusion in the program. "A process automation solution like TradeSphere is typically required for companies to be considered for preferential trade programs around the globe," said Tim Davenport, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for Vastera. "Cummins' decision to integrate TradeSphere as their localized trade solution is testament to Vastera's commitment to developing localized Global Trade management solutions to support requirements for global leaders." Components imported to Brazil are used by Cummins to manufacture diesel engines, which are then exported to a diverse customer base throughout Latin America. This base includes coffee producers in Brazil and Colombia, Venezuela oil fields, agriculture in the Argentinean pampa, fishing vessels Customary International Law provides that coastal fishing boats and small boats engaged in trade, as distinguished from seagoing fishing boats and large traders, are immune from attack and seizure during war. This Immunity is lost if fishing vessels take part in the hostilities. in Peru, and copper mines in Chile, the Panama Canal and the Caribbean coast and sea. Cummins is the first diesel engine manufacturer to receive the ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certification and the Q3 9000 certification. About Cummins Latin America Headquartered in Guarulhos, Sao Paulo since 1971, Cummins Latin America manufactures approximately 32,000 engines annually. With a wide range of models, the company supplies over $250 million worth of diesel engines as well as parts for diesel engines, to a number of industries including, construction, mining and machinery, agricultural equipment, and automotive. About Vastera Vastera is the worldwide leader in providing solutions for Global Trade Management (GTM). Utilizing Vastera's GTM solutions, 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 (technology), Trade Management Consulting (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 ). 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 Vastera GTM solutions. For more information, please visit www.vastera.com This press release may include statements that constitute forward-looking statements 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. The Company does not intend to update such forward-looking statements. 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 Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , as well as other reports and documents filed from time to time with the Securities and Exchange Commission. |
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