RESTON and DULLES, Va./September 23, 2002 - Comerica (NYSE: CMA), a leading financial services company, and Vastera, Inc. (Nasdaq: VAST), the leading provider of solutions for Global Trade Management (GTM), announced today that Comerica’s Technology and Life Sciences Division has provided the Dulles-based company with a $19 million credit facility, composed of a $10 million line of credit, a $5 million equipment loan, and a $4 million term loan.
"Our mission is to work with innovative companies - both emerging ventures and more mature firms like Vastera - to help facilitate their continued growth," said April Young, senior vice president and managing director of Comerica’s Mid-Atlantic Technology and Life Sciences Division. "The size of this facility illustrates the depth of our resources and differentiates us from other technology market-focused banks."
Vastera provides fully integrated solutions for GTM, including Web-native software, management consulting and managed services. Its solutions are designed to help companies move goods across international borders more quickly and cost effectively, while helping them to comply with the country-specific trade rules and regulations. Vastera was founded in 1992, and became a publicly traded company in 2000.
"One of the challenges of rapid company growth is ensuring you have the resources in place to sustain and build on that growth over the long term," said Phil Balsamo, Vastera’s CFO. "We are pleased to be working with a respected bank like Comerica as we plan for our future success. This credit facility will assist us in continuing to redefine the Global Trade Management space."
About Vastera
Vastera is the leading provider of solutions for Global Trade Management. Its solutions including modular, web-native applications, trade management consulting and managed services, are designed to streamline the trade functions of global business. 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's solutions drive quick, tangible benefits for its clients by accelerating the flow of goods through the global supply chain, and reducing the associated labor costs, third party logistics fees, inventory carrying costs, and duties. Vastera clients include: Ford, Mitsui USA, Minolta, Fonterra, Lucent Technologies and Toshiba America Business Systems. For more information, please visit www.vastera.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $51 billion in assets.
Media Contacts:
Scott Byrnes
Vastera
(703) 661-9006
scott.byrnes@vastera.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
