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Rubrik: World-wide News/Products & News Vasco:
Sale of VACMAN Enterprise Business to SecureD Services, Inc. Completed VASCO Received a Senior Secured Promissory Note of Approximately (17.07.03)
- VASCO Data Security International, Inc. (Nasdaq: VDSI), a global provider
of end-to-end security products that support e-business, announced that it
has completed the sale of its VACMAN Enterprise business, originally known as
IntelliSoft and/or SnareWorks, to SecureD Services, Inc., a newly-organized
security consulting and managed security services company. VASCO will
continue to sell, support, maintain, and develop its VACMAN and Digipass
strong user identity authentication product line. VACMAN Enterprise was not
part of VASCO's ongoing core business and active marketing of the product was
discontinued as part of the Company's restructuring in fiscal year 2001.
Anzeige
Under the
terms of the Agreement, VASCO received a senior secured promissory note of
approximately 1.1 million Dollar and 2 million Dollar of Convertible
Preferred Stock from SecureD Services. The promissory note bears a six (6)
percent interest rate and will be payable in thirty-six (36) equal and
consecutive monthly payments. The Preferred Stock includes a six (6) percent
cumulative stock dividend, payable quarterly, and can be converted into
SecureD Services Inc. common stock at defined intervals beginning July 1,
2005. VASCO does not expect that the transaction will have a significant
impact on the results of its operations for the quarter ended June 30, 2003. Mr. King
Moore, SecureD Services' President & CEO stated, "I am pleased that
we have completed this transaction. The VACMAN Enterprise business fits very nicely with SecureD Services'
strategic direction and its market opportunity. We believe that the enterprise authentication and single
sign-on technology used in this product will be a core technology for our
Cyber Security business. SecureD Services is committed to continuing the
development and enhancement of the product line for its existing customers
and the many new prospects that have expressed interest." "I
am very happy that we were able to complete this transaction with SecureD
Services," stated Ken Hunt, VASCO's Chairman and CEO. "For VASCO, this transaction is
further indication of our determination to devote all of our resources and
efforts to our core business, strong user identity authentication. As we have previously stated,
the VACMAN Enterprise business did not have a place in our future plans. For the customers of the product ,
the purchase by SecureD Services represents an outstanding opportunity for
the continued growth and enhancement of the product." Mr. Hunt is one of the founders and
organizers of SecureD Services. (ma) VASCO Contact:
Jochem Binst Tel.
(0032-2) 4569810, Fax (0032-2) 4569820 E-Mail: jbinst@vasco.com Web: www.vasco.com |
