Kodak Canada Implements Vastera Trade Solution to Comply With Canadian Self-Assessment Program; Kodak Canada Leverages Technology to Expedite Movement of Goods Across Borders.Business Editors DULLES, Va.--(BUSINESS WIRE)--May 19, 2003 Vastera, Inc. (Nasdaq:VAST), the worldwide leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that Kodak Canada Inc., a subsidiary of Eastman Kodak Company. (NYSE NYSE See: New York Stock Exchange : EK), a world leader in developing, manufacturing and marketing traditional and digital imaging products and services, now uses Vastera's software solution to automate participation in the Canadian Self-Assessment (CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. ) Program. "Kodak Canada has been moving goods across the Canada - U.S. border for years, so we were excited about the benefits the CSA program could provide us," said Larry Best, Manager, Transportation Customs Services for Kodak Canada Inc. "Having the software tools to comply with CSA requirements became a top priority for our Customs operations. Participation in the CSA program has allowed us have the ability to fast-track our goods across the border, reaching the end destinations quickly and consistently." Vastera has provided a valuable service to Kodak by allowing them to satisfy more easily the CSA requirements. Directly interfacing with Canada's Customs and Revenue Agency systems, Vastera's software solution is used by 40% of the current CSA certified companies. As a member of CSA, Kodak Canada will enjoy the benefits afforded to participants in the program, including an extended grace period for the submission of documents and duty payments to Canada Customs and Revenue Agency Canada Customs and Revenue Agency was a department of the government of Canada. It split up into:
"Kodak Canada is blazing a path for Canadian companies This is a list of companies from Canada.
Directory: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Current Companies wanting to participate in the CSA program," said Cedomir Bekic, Director of Product Engineering for Vastera. "We are excited to expand our relationship with Kodak Canada and assist them in participation of the CSA program, ensuring better business processes and a streamlined supply chain for Kodak." About Eastman Kodak Company Eastman Kodak Company is the leader, in helping people take, share, enhance, preserve, print and enjoy pictures for memories, for information and for entertainment. The company is a major participant in info-imaging, a $385 billion industry composed of devices (digital cameras and PDAs), infrastructure (online networks and delivery systems for images) and services & media (software, film and paper enabling people to access, analyze and print images). Kodak harnesses its technology, market reach and a host of industry partnerships to provide innovative products and services for customers who need the information-rich content that images contain. The company, with sales last year of $12.8 billion, is organized into four major businesses: Photography -- providing consumers, professionals and cinematographers with digital and traditional products and services; Commercial Imaging -- offering image capture, output and storage products and services to businesses and government; Components -- delivering flat-panel displays, optics and sensors to original equipment manufacturers; and Health -- supplying the healthcare industry with traditional and digital image capture and output products and services. Kodak Canada Inc. based in Toronto, Canada is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Eastman Kodak Company. For more information, please visit http://wwwca.kodak.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 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 (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 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, please visit www.vastera.com. This press release includes statements that may 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. 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 Report 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 may be amended from time to time, as well as other reports and documents filed from time to time with the Securities and Exchange Commission. |
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