Vastera to Manage Land Rover's Global Trade Operations
12 January 2001
Vastera to Manage Land Rover's Global Trade Operations
DULLES, Va.--Jan. 12, 2001--Vastera, , the leading provider of solutions for Global Trade Management, today announced that Land Rover North America, Inc. and Vastera have entered into a 10-year agreement under which Vastera will provide Land Rover with global trade managed services.Land Rover has manufacturing facilities in the United Kingdom (Land Rover Group Limited) and distributes its vehicles in 125 countries. Its ability to effectively manage the movement of both parts and finished goods across international borders is critical to reducing costs and minimizing cycle times.
Under the terms of the agreement, Vastera will assume management of Land Rover's U.S. import operations including classification, valuation, duty minimization, documentation, electronic filing, import clearance, supplier management, and preferential trade program management.
Land Rover North America expects to achieve significant benefits from Vastera's Managed Services offering including:
| -- | reduction in duties as a result of leveraging preferential programs |
| -- | reduction in overall costs and cycle times as a result of improved information management |
| -- | increased compliance with U.S. Customs laws and regulations |
"Leading companies are recognizing the significant financial returns associated with optimizing their global trade operations," said Mark Palomba, Sr. Vice President, Global Services of Vastera. "By applying Vastera's unique combination of advanced software technology, process knowledge, and global trade domain expertise, our managed services team can help companies to dramatically reduce their costs while significantly increasing profitability."
About Land Rover North America, Inc.
Land Rover North America, Inc., established in 1986, imports and distributes Range Rover and Discovery Series II vehicles manufactured for sale in the U.S. by Land Rover Group Limited in Solihull, England. Land Rover's worldwide operations are wholly owned by Ford Motor Company. Land Rover-related press releases and electronic images of the company's products are available online in the Land Rover section of Ford Motor Company's news media web site (www.media.ford.com). Additional information about Land Rover and Land Rover retailers is available at www.landrover.com.
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-based applications, management consulting and managed services. The foundation of these solutions is Global eContent, a comprehensive, electronic library of country-specific trade and regulatory data, which is maintained and updated daily.
Established in 1992, Vastera has received numerous industry awards in recognition of its successes including, Computerworld Magazine's list of "100 Emerging Companies to Watch in 2000, eCommerce category ", the Deloitte & Touche National "Fast 500" and Virginia "Fast 50", No. 12 on the Arthur Andersen Virginia Fasttrack '00 List, the Arthur Andersen Global Best Practices Award, and the INC. 500. Vastera clients include: Ford, Alcatel, Dell, Microsoft, Sun, New Zealand Dairy Board, Lucent Technologies, CatalogCity.com, RightFreight and Nortel. For more information, please visit www.vastera.com.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 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.