Hitachi Software Global Technology Selects Vastera to Automate U.S. Export Compliance.Business Editors DULLES, Va.--(BUSINESS WIRE)--April 16, 2002 Vastera, Inc. (Nasdaq: VAST), the leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that Hitachi Software Global Technology, Ltd. (HSGT HSGT abbr. high-speed ground transit ), a leading provider of geographic information systems geographic information system (GIS) Computerized system that relates and displays data collected from a geographic entity in the form of a map. The ability of GIS to overlay existing data with new information and display it in colour on a computer screen is used primarily to (GIS) and imagery solutions, has chosen Vastera's Web-hosted TradeSphere solution to perform compliance screening of potential customers and trading partners. "Following the events of September 11th, security has become an even bigger concern for companies distributing satellite imagery Satellite imagery consists of photographs of Earth or other planets made from artificial satellites. History The first satellite photographs of Earth were made August 14, 1959 by the US satellite Explorer 6. ," said Fuminobu Komura, President at HSGT. "New names are being added to security risk lists more frequently than ever before. To ensure that we keep pace with this rapidly growing list of restricted parties, HSGT has elected to move from a manual screening process to an automated one, in the form of Vastera's TradeSphere solution." HSGT distributes satellite imagery and proprietary software designed to analyze and interpret imaging and vector data. Its software and service solutions extract data from satellite images and provide tools for accurate analysis of that data. HSGT software can automatically identify roads and structures, chart exact distances and evaluate land contours. To prevent the sale of its technology or data to entities on the U.S. list of restricted parties, HSGT has licensed Vastera's TradeSphere solution. HSGT will, via the Web, use TradeSphere to screen the names of all parties involved in a sale for export, at the time an order is placed, just before shipment and several times after shipment. TradeSphere, using advanced proprietary algorithms to detect aliases and misspellings, will check all orders against an updated list consolidated from many different U.S. government agencies, flagging any matches. "By leveraging TradeSphere via the Web, HSGT can begin to realize the benefits of our solution immediately," said Ty Bordner, Vice President of Product Management for Vastera. "Without the need to implement any software, companies can deploy our hosted TradeSphere solution to any corner of the world where there is access to the Internet." 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, Microsoft, 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 Hitachi Software Global Technology Hitachi Software Global Technology (HSGT) is a leading software, data, and solution provider for companies seeking to maximize their potential through spatial information. HSGT solutions combine Open GIS Consortium standards, imagery and vector data products, and award-winning automatic vectorization software. Headquartered in Westminster, Colorado The City of Westminster is a Home Rule Municipality located in Adams County and Jefferson County of the State of Colorado, United States. Westminster is a northwest suburb of Denver. , HSGT continues to pioneer new technologies and services for customers including utilities, telecommunications companies See telecom company. , and governments. 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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