NW_20021127_en_VASCO’s New Management Team Presents New Business Focus

November 27, 2002

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – November 26, 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, today unveiled its future focus for a return towards profitability.

Chairman and CEO Ken Hunt and President and COO Jan Valcke briefed the media about the companies’ new business accents at 11 am CET on Tuesday November 26 in VASCO’s European headquarters in Wemmel (Belgium).

The main accents of the business plan are the following:
· The implementation of a ‘just in time’ delivery program of VASCO’s products. This will result in a considerable reduction in production, storage and delivery costs, and as a consequence, in better margins. This will make VASCO’s products more competitive and will have a positive effect on the cash position.
· Margin and profitability will be the company’s priority.
· The company will focus on stability all over its organization in terms of people, costs and structures. At the moment stability and profitability are reached, the company will implement structures to grow.
· Partners will be supported to leverage business. In the last twelve months investments have been made to give over 1000 professionals a VASCO-training. These investments will pay off during 2003.
· A further focus on the corporate access market. VASCO has invested substantial budgets in this market in the past. The time to harvest has come.
· VASCO will continue to focus on improving its DSO’s.

With the implementation of this plan, VASCO believes it can be cash flow positive during the year 2003. The company sees signs that the interest in its products is rising substantially. Orders from large banking customers are coming in again.

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]