NW_20021122_en_T. Kendall Hunt Appointed as VASCO’s CEO_ Jan Valcke President & COO

November 22, 2002

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – November 22, 2002 – VASCO (Nasdaq NM & Nasdaq Europe: VDSI; www.vasco.com), a global provider of enterprise-wide security products that support e-business and e-commerce, announced today that Mario Houthooft has been replaced as its President and CEO.

Mr. T. Kendall Hunt, VASCO’s founder and Chairman of its Board of Directors, has been named to the position of Chief Executive Officer (CEO). Mr. Jan Valcke, VASCO’s EVP of Sales and Marketing, and a founder of Digipass SA, a firm acquired by VASCO in 1996, will assume the position of President and Chief Operating Officer.

Mr. Hunt stated, “Like others in our industry, VASCO is facing a challenging economic environment. We find that opportunities are still there for strong growth, but we need to be managing our business to reflect this current environment. Under Jan Valcke’s leadership, and with a renewed business plan, we believe that we can achieve a profitable operation.”

“I am very pleased to announce the promotion of Jan Valcke to President and COO. He has years of experience in our business, and has historically been the primary interface with VASCO’s customers, channel partners, and employees,” said Mr. Hunt. “I look forward to working closely with Jan to insure VASCO’s on-going success.”

“VASCO has all the assets to be a profitable company in our industry,“ said Jan Valcke. “We have great people, high quality products, a large established customer base and a growing number of companies worldwide starting to use our Digipass and VACMAN products. With the right focus, I am convinced that we will steer this company towards profitability.”

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, digital signature and Radius, LAN and Web 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.

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:
VASCO Data Security:
Jochem Binst:: +32 2 456 9810, [email protected]
IR: Tony Schor, +1 847 945 2222, [email protected]