Vastera To Acquire Speedchain; Global Trade Management Leader Adds Collaborative Infrastructure and Expands Solution Footprint.Business Editors/Hi-Tech Writers DULLES, Va. and LONDON--(BUSINESS WIRE)--Mar. 1, 2001 Vastera, (Nasdaq:VAST) the leading provider of solutions for global trade management, today announced that it has signed a definitive agreement to acquire U.K.-based Speed Chain Network, Inc. (Speedchain), a supply chain event management and global e-logistics solutions provider. Under the terms of the agreement, Vastera will acquire Speedchain for approximately one million shares of its common stock. The acquisition is subject to the approval of Speedchain's shareholders and clearance of any required regulatory approvals. A conference call announcing the details of the acquisition is scheduled for 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Friday, March 2, 2001. Interested participants can access the call by dialing 800/260-0712 in the U.S. or 612/332-0107 from outside the U.S. The participant code for the call is 574831. For those who cannot participate live, a replay of the call can be accessed starting at 3:30 p.m. EST by dialing 800/475-6701 in the U.S. or 320/365-3844 from outside the U.S. The participant code for the replay call is 574831. Through the acquisition, Vastera will gain the collaborative framework critical for cross-enterprise collaboration. This includes the technical infrastructure linking importers and exporters to carriers, forwarders, and brokers that help make up the global trade community. Speedchain has already established integration to over 100 logistics services providers and major ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. systems. In addition, Vastera gains See and Control(TM), a robust module that provides supply chain event management capabilities including global order, item and shipment level visibility, as well as decision support to manage and control international shipments. Driven by proactive exception management, See and Control alerts users of issues and initiates corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or through advanced rules-based logic. Finally, Vastera gains global e-logistics capabilities that will help clients manage the international logistics The negotiating, planning, and implementation of supporting logistic arrangements between nations, their forces, and agencies. It includes furnishing logistic support (major end items, materiel, and/or services) to, or receiving logistic support from, one or more friendly foreign information needed to execute the physical movement of goods across borders. This represents the middleware required to link global trade management and physical goods movement. Vastera expects the joint solution to drive tremendous value to its clients, who have over the past nine months consistently expressed the need for an integrated global trade management and supply chain event management solution. Expected benefits include top-line revenue growth and bottom-line cost savings through faster time to new global markets, inventory reductions and improved customer service. Vastera and Speedchain entered into a partnership in September of 2000. During the past six months, both companies have dedicated the resources necessary to design and develop the integration of their respective solutions. This means clients can immediately subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; and/or license the joint capabilities. "The need for cross-enterprise collaboration and event management have become essential to companies trading globally," said Arjun Rishi rishi (rēˑ·shē), n in Sanskrit, one who possesses knowledge. , president, 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. and chairman of Vastera. "These capabilities drive rapid and substantial client value and naturally complement our suite of solutions for global trade management. While working with partners to provide this functionality to our clients, we assessed all of the credible companies in this space to find the one with the most compelling solution. Speedchain was the perfect fit from a functional, technical, as well as a cultural perspective. We are convinced that the assimilation of Speedchain into Vastera dramatically expands what was already the broadest global trade management footprint accessing the deepest application of trade content anywhere in the world. Vastera has once again changed the way companies can go to market globally." "Since becoming an alliance partner in September of 2000, we have worked closely with Vastera to integrate our solutions," said Jonathan Himoff, co-founder and CEO of Speedchain. "Because of this early integration work our joint solution is available today. We are very excited to join the Vastera team." About Vastera Vastera's global trade management solutions are designed to automate and streamline the trade functions of global e-business. Vastera's global trade management solutions include modular, web-native applications, 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 . The foundation of these solutions is Global eContent, a comprehensive, rules-based application of country-specific trade and regulatory data, which is maintained and updated daily. Vastera clients include: Ford, Alcatel, Dell, Microsoft, Sun, 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, Lucent Technologies 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 Speedchain Speedchain is a provider of supply chain event management and global e-logistics solutions. Through a web-native framework its solutions increase cross-enterprise collaboration and information sharing See data conferencing. , ultimately resulting in faster shipment cycle times and improved customer service for its clients. Its global e-logistics solutions assist companies optimize their global supply chain operations by leveraging sophisticated rules based Using "if-this, do that" rules to perform actions. Rules-based products implies flexibility in the software, enabling tasks and data to be easily changed by replacing one or more rules. engines and intelligent algorithms. Speedchain has offices in the U.K., and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . 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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