NW_20011002_en_Banksys CEO Chris Lebeer Joins VASCO’s Board of Directors

October 2, 2001

OAKBROOK TERRACE, Ill. and BRUSSELS, Belgium – October 2, 2001 – VASCO (Nasdaq NM & Nasdaq Europe: VDSI; www.vasco.com), a global provider of security products, today announced that Mr. Chris Lebeer, CEO of Banksys, has been elected to VASCO’s Board of Directors. As CEO of Banksys, Mr. Lebeer leads a high-technology firm of 1000 employees and revenues of $250 million in the development and processing of end-to-end electronic payment systems.

Banksys is recognized as an innovator and high performer in the field of electronic payment systems. It has developed the world standard in Electronic Purse technology, Proton, and is rolling out this service across the globe through its subsidiary, Proton World International. Under the leadership of Mr. Lebeer, Banksys is expanding into the international terminal and card systems market. Mr. Lebeer thus brings to VASCO the benefits of extensive technology management experience and in-depth knowledge of the electronic payment systems industry.

“I’m very pleased to join VASCO’s outstanding Board of Directors,” said Mr. Lebeer. “I have a personal commitment to contribute to the evolution of VASCO towards the status of world leader in the information security sector. To reach this goal, I will put my management expertise and profound knowledge of the financial services sector at VASCO’s disposal. VASCO has very solid foundations, great management, the right business strategy and vision, together with a cutting edge array of products. It will be my pleasure to assist in the further development of the company.”

Prior to becoming CEO of Banksys, Mr. Lebeer was a management executive at leading companies such as General Electric, McKinsey & Company, Delaware Computing Group, and Bekaert Steel Wire. He holds Master’s degrees in Chemical Engineering and Applied Economics from the University of Leuven, Belgium, and a Master's degree in Engineering and Management from the Massachusetts Institute of Technology, Cambridge, Massachusetts. Born in Antwerp, Belgium in 1955, Mr. Lebeer is also a Member of the Board of Proton World International and Lannoo Publishing.

“On behalf of all our people worldwide, we welcome Chris Lebeer to VASCO’s Board of Directors,” said Mario Houthooft, President and CEO of VASCO. “Having someone of such high caliber and experience in the banking sector adds invaluable insight and knowledge for our future growth. VASCO is the world leader in securing financial transactions, and Chris Lebeers’ impressive track record and invaluable experience as a manager is a huge asset for VASCO. The fact that Chris Lebeer joins our board will undoubtedly have a positive influence on our presence in the financial services market and beyond, and will allow VASCO to grow and thrive in the e-security sector.”

VASCO secures the enterprise from the mainframe to the Internet with infrastructure solutions that enable secure e-business and e-commerce, protect sensitive information, and safeguard the identity of users. The Company's family of Digipass® and VACMAN® products offers end-to-end security through strong authentication and digital signature, enterprise Single Sign-On, and LAN security, while sharply reducing the time and effort required to deploy and manage security. VASCO's customers include hundreds of financial institutions, blue-chip corporations, and government agencies in more than 50 countries. More information is available at www.vasco.com.

About Banksys
Banksys is the world leader in end-to-end secure payment systems. Founded in Belgium in 1978, Banksys has established the entire Belgian national debit card system from terminal design and manufacture to the complete management of the secure IP network and back-end. Banksys also developed the world standard in Electronic Purse technology, Proton, and has rolled-out the service across the globe through its subsidiary, Proton World International. It is from this solid base that Banksys is now expanding its activities into the international terminal and card systems market, bringing the technology of security to payment systems worldwide. More information is available at www.banksys.com or www.banksys.be.

Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

For more information contact:

Americas: Mike Lange, +1 630 932 8844, [email protected]
EMEA/APAC: Jochem Binst, +32 2 456 9810, [email protected]

Investor Relations:
Annemieke Blondeel, USA +1 630 932 8844, Europe +44 20 8308 7080, [email protected]