NW_20030205_VASCO Delists from NASDAQ Europe Effective March 5, 2003

February 5, 2003

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – February 05, 2003 – 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 announced that effective March 5, 2003, its shares will no longer be traded on the NASDAQ Europe stock exchange. The company originally communicated its intention to delist from NASDAQ Europe on January 13, 2003.

VASCO stated that its decision to voluntarily delist from NASDAQ Europe was based on the fact that the volume of the Company’s shares traded on the exchange was extremely low and did not justify the ongoing costs associated with continuing the listing.

The Company further indicated that it believed that the impact of the delisting on VASCO’s shareholders will be limited as the Company’s shares will continue to be traded on other NASDAQ markets. Similarly, information regarding the Company and its results will continue to be available to shareholders via its filings with the Securities and Exchange Commission.

More information on VASCO can be found on its website, www.vasco.com or via the below mentioned telephone contacts.

About VASCO:
VASCO designs, develops, markets and supports patented “Identity Authentication” products for e-business and e-commerce. VASCO’s Identity Authentication software is delivered via its Digipass security products, small “calculator” hardware devices carried by an end user, or in a software format on mobile phones, other portable devices, and PCs. For user access control, VASCO’s VACMAN products guarantee that only designated Digipass users get access to the application. VASCO’s target markets are the applications and their several hundred million users that utilize fixed passwords as security. VASCO’s time-based system generates a “one-time” password that changes with every use, and is virtually impossible to hack, or break. With 8 million current users of its Digipass products, VASCO has established itself as a world-leader for strong Identity Authentication with 180 international financial institutions, approximately 800 blue-chip corporations, and governments representing more than 50 countries.

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.
More information is available at www.vasco.com.

For more information contact:
Media: Jochem Binst: +32 2 456 9810, [email protected]
Investor Relations: Tony Schor, President, Investor Awareness, Inc.: 847-945-2222, [email protected]