Future Electronics Goes Live with Vastera in Singapore; Rollout in Asia Follows U.S. and Europe.Business Editors/Hi-Tech Writers DULLES, Va.--(BUSINESS WIRE)--July 29, 2002 Vastera, Inc. (Nasdaq:VAST), the leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that Future Electronics, one of the world's leading distributors of electronic components, has gone live with Vastera's TradeSphere software solution to automate To turn a set of manual steps into an operation that goes by itself. See automation. its exports from Singapore. "Future Electronics has built a reputation on premium service," said Pierre Mallette, Corporate Director, Worldwide Warehousing Operations at Future. "When our customers call us, they expect timely and consistent delivery to any destination in the world. Standardizing our global trade processes, and automating them around the globe with Vastera's TradeSphere solution, is helping us to deliver unparalleled service. TradeSphere is also allowing us to support more and more international business without having to grow our internal trade organization." Future Electronics' distribution center in Singapore is its fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. hub in Asia. The company is using Vastera's TradeSphere solution to perform regulatory compliance checks for shipments, determine if licenses are required to export certain goods, screen for denied parties, and generate international shipping documents. By automating these functions, Future Electronics has been able to improve its export cycle times and guard against regulatory violations. "Over the past two years, we have been very focused on expanding our geographic capabilities and presence," said Mark Ferrer, 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. of Vastera. "The whole point of that effort has been to drive more value for our clients around the world. Future Electronics is an excellent example of a forward thinking company driving competitive advantage through more effective Global Trade Management. We are very pleased to count them among our expanding list of blue-chip clients." 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, Dell, Fonterra 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. About Future Electronics Founded in 1968, Future Electronics is a global leader in the marketing and distribution of semiconductors, passive, interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. and electro-mechanical components. The company has emerged as one of the most important entities in the electronics distribution industry and today, is recognized in The Americas, Europe and Asia as one of the industry's most innovative organizations. Future is the only electronic components distribution operation providing 24-hour product marketing capability and expertise to its worldwide customer base. Future Electronics employs over 5,000 people in 155 offices in 35 countries around the world. 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , as well as other reports and documents filed from time to time with the Securities and Exchange Commission. |
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