Vastera Acquires Imanet of Canada; Global Trade Management Leader Completes North American Footprint.Business Editors/Hi-Tech Writers DULLES, Va.--(BUSINESS WIRE)--Feb. 25, 2002 Vastera, Inc. (Nasdaq:VAST), the leading provider of solutions for Global Trade Management (GTM See Good-this-Month order. ), today announced that it has completed the acquisition of Imanet, the preeminent provider of software solutions for GTM in Canada. Founded in 1989, Imanet's world-class GTM software solutions are currently being used by some of the world's leading companies, including Emery Worldwide Emery Worldwide was a cargo airline, once was one of the leading carriers in the cargo airline world. Emery started in 1946 and was the first freight forwarder to receive a carrier certificate from the United States Government. , Kodak of Canada, Inc., UTi and Nippon Express Nippon Express Co., Ltd. is a worldwide leader in logistics services. Its head office is based in Tokyo, Japan. The company was established in 1937 in line with the Nippon Tsu-un Kaisha Law as a semi-government transportation service. . "Imanet provides us with functionality critical to maximizing duty savings for our clients through 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 ," 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. "Combined with our existing TradeSphere solutions and our recent acquisition of Prisma in Mexico, we now have a closed loop system to deliver significant duty savings to our clients operating in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This acquisition is consistent with our strategy of building out a truly global platform for trade. We welcome the Imanet team to Vastera." Through the acquisition, Vastera will bolster its existing North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. solutions with critical Canada-specific functionality including support for CADEX CADEX Customs Automated Data Exchange CADEX Computer Aided Design of Experiments CADEX Computer Adjunct Data Evaluator-X and ACROSS (certified electronic integration to Canadian Customs), and the Customs 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 for which Imanet is the first software provider to undergo testing with the Canadian government. Imanet will also provide Vastera enhancements to its already comprehensive intelligent trade content; the country-specific rules and regulations that govern global trade. Finally, Imanet brings Vastera deep global trade domain expertise specific to Canada, which Vastera will use to augment its existing 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 capabilities in that country. Vastera initiated operations in Canada in March 2001. From its Canadian-based managed services trade hub near Toronto, Vastera runs the Canadian global trade operations for Ford Motor Company, Visteon, and other leading companies. Vastera will leverage its recently announced Collaborative Platform (CP) to assimilate Imanet's capabilities quickly within its existing TradeSphere software solution. "Consistently, our clients told us they wanted a single integrated solution for Global Trade Management across their entire worldwide operations," said Thomas Lauriault, COO of Imanet. "We believe that by combining forces with Vastera, the world's leading provider of solutions for global trade, we can be a part of delivering on this value proposition for our current and future customers." About Vastera Vastera is the leading provider of solutions for Global Trade Management. Its solutions including software, trade management consulting and managed services, 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, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. Dairy Board and Nortel Networks. For more information, please visit www.vastera.com. About Imanet Imanet is an international leader in software applications for the customs brokerage, international trade and supply chain logistics industries. Imanet is headquartered in Windsor, Ontario and provides software that is easy to use, powerful, and secure. In conjunction with their proven software, Imanet customers get expert level training and support. Imanet is constantly striving to broaden their platform and assisting the large (and not so large) import/export enterprises, meet and exceed their international trading requirements, with a view towards "a global perspective." www.imanet.net (519) 977-7334 This press release includes statements, which 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 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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