VDSI » Topics » Introduce Jan Valcke:

This excerpt taken from the VDSI 8-K filed Oct 30, 2009.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan.

Thank you, Ken

Ladies and gentlemen,

Q3 was a profitable quarter, despite the economic situation and the seasonality that affected our results due to the July-August holiday period.

This means that we have succeeded in being profitable throughout the first three quarters of the challenging year 2009. Our business strategy works, in good times and in less positive times. Our business mix between Banking, Enterprise Security and Application Security gives us a high margin result, allowing us to be profitable even when our largest revenue source - the financial sector - slowed down.

VASCO keeps investing in its long term success. We are in the process of reinforcing our sales resources in important geographic and vertical areas. The fact that we are profitable, have zero debt and a healthy cash position allows us to invest when other companies are forced to cut.

When we look into our core markets, we see that our banking business has been seriously hit by the financial crisis and its consequences. We expect that crisis has reached its bottom during Q3, and that our banking business will gradually recover over the next quarters. Ken mentioned earlier an increase in the number of RFP’s for online banking projects. We have been able to win a number of these projects because of our unique business model, the quality and breadth of our products and solutions, and our industry know-how.

 

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Our enterprise security business is surprisingly stable over the first three quarters, defying the economic recession.

Interest in our products from the application security market is also growing. Application Security includes all consumer facing non-banking online applications. This market could be defined as the combination of b-to-b and b-to-c ecommerce and ebusiness.

In the past, we had one major source of income, the banking sector. After the crisis, we expect to have steady revenue streams from Banking, Enterprise Security and Application Security.

As you may know, VACMAN Controller is the core of our server product line. IDENTIKEY is our robust and comprehensive authentication server, which supports all authentication technologies including VASCO’s recently announced PKI product range. Our PKI-range currently consists of the CertiID software solution and the growing DIGIPASS Key product family.

Thanks to these investments in R&D and development we are now competitive in mid and large enterprise opportunities that were previously out of our reach.

The proliferation of VACMAN and the growing popularity of IDENTIKEY are opening up many new opportunities for cross- and up-selling for VASCO. Thanks to IDENTIKEY, we are now competitive in larger enterprise opportunities. In the last few quarters, IDENTIKEY has allowed us to win several competitive deals in mid sized and large enterprises. Enterprise Security authentication includes:

 

   

employee remote access

 

   

network security

 

   

web security

VASCO has evolved into a true end-to-end authentication company, spanning the entire range between employee security and consumer security, based on one and unique VACMAN platform.

Consumer security, including our banking and application security markets, is tackled via our own sales force and our own competence centers. VASCO competence centers bundle all the company’s competence in one vertical market, such as online gaming. By creating competence centers, we enhance our dominance in new verticals, building upon our expertise and the skills of our people.

 

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Employee security is covered by our Enterprise Security business. As you know, VASCO tackles the Enterprise Security market via a two-tier network of distributors and resellers. We keep investing in new products for Enterprise Security and we focus strongly on the quality of our channel. Our SEAL training academy does a tremendous job in training and certifying our channel partners’ engineers, by creating authorized training centers and much more.

I conclude, ladies and gentlemen, by acknowledging that the three first quarters of 2009 were not the easiest in the company’s history. Nevertheless, all three quarters were profitable. I am convinced that, when the economy picks up again, the skills of our people, our investments in best-of-breed products and services, and the right business strategy and execution will make VASCO even stronger than before.

Thank you.

This excerpt taken from the VDSI 8-K filed Jul 27, 2009.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer.

This excerpt taken from the VDSI 8-K filed Apr 28, 2009.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer.

Thank you, Ken.

Ladies and gentlemen, Q1 2009 was a challenging quarter, due to the recession and the financial crisis. Nevertheless, we are proud that Q1 was a profitable quarter for VASCO. This means that our business model, and our business mix, is robust enough to keep the company profitable even in times of recession. As a result, we will maintain our cost containment program, without going to a stage of cost cutting.

As you remember, we invested heavily in people during 2008. All those new people are fully integrated in our company now. The combination of experienced veterans and new recruits will allow us to take advantage of any opportunity within our areas of focus. It also allows our company to be ready for the future, when the markets pick up again.

Our investment in 2008, and continued investment in 2009, in products and solutions is also helping us a lot this year. Thanks to the strengthening of our server and software products and the introduction of our new PKI products, we are able to maintain a very high gross margin. Our extended product range also allows us to enter markets that we were not able to address before.

In our markets, we see some important trends:

Our existing banking customers are emptying their stock of DIGIPASS authentication products. Due to the effects of the financial crisis, they order new products in a conservative way. This means that we receive more, but smaller orders from our customers, instead of one or two big orders a year as was the case in the past. We are convinced that this part of the market will gain new momentum in the mid term.

We have seen an increase of number of new banks in Q1 2009 compared with Q4 2008. This is mainly due to the high number of low-budget, yet high-value marketing actions we organize worldwide. We will continue this pace and this formula in the future, on a global scale.

In Enterprise Security we have experienced a status quo with regards to new customers. We have noticed that large deployments in Enterprise Security are delayed, probably due to the recession. Thanks to our business mix, this fact doesn’t really hurt us.

In addition, we are seeing the emergence of new application security verticals, such as e-gaming. As mentioned by Ken earlier, we announced another customer in that niche, the Japan based company Square Enix.

In conclusion, we believe that the investments we have made in people and products have positioned us well during this period of economic uncertainty and are the key factors in helping us remain profitable. Despite the change in buying patterns of our existing customers, which is contributing to the current decline in revenues, we are continuing to see strong interest in our products. We believe that we can not only remain profitable during this difficult period but also take advantage of opportunities that present themselves. As a result, we expect to strengthen our leadership position in the authentication market.


Thank you,

This excerpt taken from the VDSI 8-K filed Feb 23, 2009.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer.

Thank you, Ken.

Ladies and gentlemen, Q4 2008 was a difficult quarter for VASCO, due to the financial crisis and the recession. Nevertheless, it was a profitable quarter.

As you are all aware, the financial sector was in a state of uncertainty during the last months of last year. For that reason, we experienced important delays in orders from banks in an unprecedented high number of our key markets. This does not mean that these orders are lost. We expect to receive most of them during 2009.

In addition to the financial crisis, there is the worldwide recession. Our U.S. business was hit especially hard by the combination of financial crisis and recession.

As a reaction, VASCO has implemented a cost containment program and a strategic focus on a number of key markets, VASCO’s mature markets and the so-called BRIC-countries.

VASCO’s mature markets are markets in which VASCO is successful in retail banking, servicing a high number of the market’s households with secure online banking. In these markets, we use the high profile we enjoy thanks to the banks, to bring “banking level security” to other sectors, including Enterprise & Application security and e-government. We have these kinds of markets primarily in EMEA and South-East Asia.

In the so-called BRIC countries (Brazil, Russia, India and China), we aim primarily at the banking market, although we are making fast progress in some of the BRIC-countries in Enterprise Security too.

With regards to people, we have slowed down our hiring process and we are focusing on people that are directly available and immediately up to speed. Currently, we have not planned any structural lay-offs.

Despite the cost containment efforts, we are planning more events than ever. We spend our money smartly, and aim at cost-effective and low-budget events that generate business. In Q1, VASCO has planned over thirty external events. The vast majority of these events are organized by VASCO, although we are also present at events such as the Mobile conference in Barcelona and CeBIT in Hanover.

As always, VASCO is not interested in art for art’s sake. If we organize an event or participate in a trade show, it’s to do business. We want to do more with less money. We have been there before, and we are good at it, thanks to our down-to-earth mentality and the flexibility of our organization.

If we look at the full-year 2008, we can only state that it was a good year.

 

   

the percentage of non-hardware revenue was never this high

 

   

enterprise security is growing quickly in our mature markets

 

   

we broadened our product range tremendously.

 

   

In Q4 alone, we launched or revamped products such as Digipass for Mobile, the Digipass CertiID/Digipass Key1 PKI-solution, Digipass 835 & Digipass 865, aXs GUARD Identifier and aXs GUARD Gatekeeper.


   

In addition, we expanded our SEAL e-learning academy.

We expect that all these investments will contribute to VASCO’s business during the year 2009. They also enable us to tackle market segments we weren’t able to enter before.

Despite challenging market conditions, our vision works.

We are determined to keep this company successful in 2009.

Thank you

This excerpt taken from the VDSI 8-K filed Oct 28, 2008.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer.

Thank you, Ken.

Ladies and Gentlemen,

We are proud to state that VASCO is doing well despite challenging market conditions.

With regards to products, our strategy as the full option, all-terrain authentication company allows us to offer our best-of-breed authentication solutions to any segment of our customers’ user base. Soon, we expect to announce many more cutting-edge products that will allow us to broaden our customer base and to become even more successful in our key markets banking, enterprise security, e-commerce and e-government.

Our recent investments in non-hardware products already lead to a year over year growing impact of our software revenue.

We invite you all to join us at the upcoming Cartes tradeshow in Paris, France, where we will show our newest R&D successes.

The banking market has lately met with difficulties caused by the worldwide credit crisis. Banks merge, acquire, and are acquired. Many of you are asking us what the consequences are for VASCO’s future growth.

Our answer is threefold:

 

  1. From a global perspective, we believe that fewer banks than one might think are severely touched by the financial crisis. Living in regions that have been hit, such as the U.S. or Western Europe, might give us a wrong impression about the crisis.

 

  2. We serve two main applications in Internet banking: corporate banking and retail banking. In corporate banking, it is possible that we will experience a slower growth, because there may be fewer new companies starting up and because some existing companies might face bankruptcy. But corporate banking is only a small part of our business.

In retail banking, we hear from our customers that there is an increase in electronic accounts. More people opt for Internet banking. And more people have several e-accounts with multiple banks, because they want to spread their money in order to reduce risk. Some of our customers in the banking sector even see the number of new accounts doubled due to the financial turmoil.

Also, in many countries around the globe, we anticipate that some governments are preparing rules and regulations regarding the security of Internet banking. Let it be clear that VASCO is prepared to take advantage of such opportunities.

 

  3. Our installed base is an important asset for VASCO’s stability. VASCO’s existing core customers give us recurrent business, due to the growth of their applications. We don’t see any delay in revenue coming from our installed base.

 

  4.

We expect that banks that have already started to deploy our products, will speed up their Digipass roll-out, and increase their efforts to secure more applications. Internet banking is for financial institutions a very

 

   Page 3 of 7    October 23, 2008


 

easy and cost-effective way to reach their customers. Therefore, we are convinced that existing customers will bring us more business.

 

  5. We cannot exclude that we might have a slowdown in new orders, but at this time we have no indication from the market that this is the case.

Overall, we believe that VASCO is very well-prepared to continue its growth in the banking market. We are still limited in people, so we have to aim before we shoot. But we can still choose our targets.

Our Enterprise business is continuing to evolve positively, as are our e-commerce and e-government markets. As you know, the mix of our different businesses is the key to VASCO’s success. Looking at our EPS for this quarter, we can only conclude that we are on the right track. Even during an investment year our bottom line looks very healthy.

In general, the global market for VASCO is looking positive. We have to be close to the action, though. That’s why we keep opening new offices and why we hire local people in important geographic markets.

In Enterprise Security, we are investing more time and effort towards the larger enterprises. Our Identikey authentication server and our renewed Digipass family are instrumental for this evolution. The consequence is that we win larger contracts, with higher number of users, in Enterprise Security. Here too, we expect our growth to be continuing.

At the beginning of this year, we told you that VASCO would execute an intensive hiring-campaign during 2008. We needed more people, because our organization was reaching its limits. Simply said: we didn’t have enough people to deal with all opportunities in our core business. Currently, most of our new recruits are trained, integrated and brought up to speed. We will continue our investment in recruiting and will maintain our training efforts towards our existing staff. The market climate will probably make recruiting easier. VASCO is convinced that the company is well armed for the future with the right people, the right products and services, the right market strategy and a very strong balance sheet.

Thank you,

This excerpt taken from the VDSI 8-K filed Apr 28, 2008.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer.

Thank you, Ken.

Ladies and gentlemen,

First, I would like to address the first quarter of 2008. As Ken already mentioned, we are not happy with the results of Q1. But, as we have commented before, we do not believe that we have lost any business due to the sub-prime mortgage loan crisis. Actually, we expect it to help our business. However, we did sense a general slowdown in the approval process within our banking customers that affected our Q1 results.

As noted in our February conference call, we expect 2008 to be a period of investment in VASCO’s infrastructure. Given our accelerated growth in the past several years, we need to invest in our people and systems to support our future growth. A key part of that investment is new staff and we are pursuing an aggressive hiring plan for 2008.

VASCO’s strategic plans for its sustained long-term growth are gaining momentum. VASCO is reinforcing its leadership position with regards to people, products and markets. In the product field, Q1 saw a continued increase in the number of solutions offered to the market.

On the server side, VASCO added Identikey and the aXs GUARD Authentication Appliance to our VACMAN offerings. We believe that our server offerings are well suited to address most company’s authentication needs, regardless their size or industry focus. We are seeing the first positive results of this approach. Indeed, we have already sold the first Identikey licenses. In the future, we intend to sell our Identikey via the channel. Therefore, we are training the first generation of Identikey Certified Resellers.

We enhanced our client authentication product family by adding Digipass 110, a unique combination of hard- and software authentication. We strengthened our services, by launching e-banking security consultancy services, an initiative of VASCO’s Security Competence Center.

With regards to the geographic markets, we can state that the reputation of VASCO in Internet security is growing worldwide. In addition to our traditional banking market, we are seeing encouraging signs in the e-commerce and e-gaming sector. VASCO’s Enterprise Security business is also benefiting from our strong product brand name “Digipass” and our corporate brand, “VASCO.” As you know, it is part of our strategy to tackle the Enterprise Security market once we have earned a strong position in a country’s banking environment. These strong brand names help our resellers to be successful with small and medium enterprises in the same markets where VASCO has been successful with its banking customers.


Recently, we started pilots to reach new markets with our existing products. In a couple of countries, such as Belgium and the UK, we are building a direct and indirect sales channel to sell our products to end users. This “Digipass for retail” campaign brings “banking level security” such as the connected Digipass 905 smart card reader, to web shops and IT-stores. We believe that this approach can be an additional source of revenue for VASCO.

VASCO’s people are the company’s number one asset. Training programs are bringing our existing staff to a higher level, whereas targeted recruitment actions are adding welcome reinforcements to our ranks. We will keep opening new offices and strengthening existing VASCO-offices.

As you know, there are three steps connected with VASCO’s evolution in a market.

First, we get a foothold in the local banking market

Secondly, we hire people to reinforce our position in the banking market.

Thirdly, we open an office and add people who concentrate on other verticals.

This strategy has served our company well. We will continue to grow our business based on these and other time-tested and successful strategies.

Back to you Ken

This excerpt taken from the VDSI 8-K filed Feb 22, 2008.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another fine quarter.

This excerpt taken from the VDSI 8-K filed Oct 26, 2007.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another fine quarter.

Thank you, Ken.

Ladies and gentlemen, the third quarter of 2007 was remarkable in several ways.

In the markets, we have seen that the rise in criminal activities on the Internet has resulted in a growing interest for our technologies and products. Specifically in banking, our e-signature technology has become the key asset in many competitive deals. We foresee that many banks and e-commerce companies will upgrade their current strong authentication protection from one-time password devices to e-signature devices or software. This is good news for VASCO. We have offered the e-signature technology since the Nineties and have built a vast amount of know-how, experience, products and … customers in the field.

In the entire application security field, we are experiencing more traction in applications other than banking due to the growth in criminal attacks. With application security, we mean every application where an enterprise or an institution could use VASCO’s products to more strongly authenticate its customers. An application security project is very similar to a banking project. VASCO secures the entry to an application and makes sure that the user can do a secure transfer of content over the Internet. We expect that these kinds of applications will become a large source of revenue for VASCO.

 

2


In Enterprise Security, we took some giant leaps forward in Q3. The roll-out of our new generation of Digipass Packs became a true success. It pleases us that the channel is very excited about Digipass Pack, the first step of small and medium enterprises, or SME’s, towards secure network login and remote access. During Q3, we signed a strategic distribution deal with Azlan/Tech Data, one of the largest distributors in the world, and with other channel partners. We are fully armed to win the battle of the SME’s.

In e-government, we took our offerings to a higher level with the launch of our e-ID product line.

Geographically, we see strong opportunities for application security in all regions. We think that in a number of regions, including the U.S., the introduction of the e-signature functionality will start to happen in the foreseeable future.

As you know, we have a three-step strategy in place to win business in a new country:

 

  1. We focus on the banks. They spread the word about VASCO and our Digipass products.

 

  2. After our first deals with the country’s banks, we hire local staff. Once they are on board, we open an office.

 

  3. We use our local office to go after the Enterprise Security market.

With regards to the products, we see an evolution towards higher added value products. Our vision and strategy is working. VASCO sells more software, and will continue to invest in those types of products. The rise in software sales is expected to result in higher gross margins.

Our gradual evolution to the Digipass Plus outsourced service model allows us to build up a layer of deferred revenue, that will make our performance more predictable over time and that will allow the company to focus even more on its long-term evolution. As you know, VASCO is not the kind of company that exists on hype. We know our goals, we focus on our strategies, and we are successful that way.

We keep investing in our VACMAN core authentication platform. We keep adding new functionalities at a very high rate. Our VACMAN Controller enjoys high esteem in the market.

We maintain our strategy of making our VACMAN Middleware compatible with the products of our solution partners in the Enterprise Security market. VACMAN Middleware is the heart of our Digipass Packs. We have Digipass Packs for remote access, for network security and for the combination of both. Our Digipass Packs are brought to the market via our two-tier channel network of distributors and resellers. The Packs are for us the perfect door opener to bring strong authentication into the systems of SME’s.

When we are talking about the next asset of the company, the people, we have to stress the fact that our existing staff is doing great in a quickly evolving market and as employees of a company that experiences a long-term explosive growth. I want to congratulate them for their splendid work.

We keep reinforcing our work force in order to support our worldwide growth. At the end of Q3, VASCO had over 220 employees.

Cliff Bown will explain you everything about our financial position. VASCO is earning its own money. This puts us in the right position to look for suitable acquisitions, and to say “yes” when a good opportunity comes our way at a reasonable price.

Thank you.

This excerpt taken from the VDSI 8-K filed Jul 27, 2007.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another fine quarter.

This excerpt taken from the VDSI 8-K filed Apr 26, 2007.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another fine quarter.

This excerpt taken from the VDSI 8-K filed Oct 31, 2006.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another fine quarter.

Thank you, Ken.

 

17


Ladies and gentlemen, last quarter was instrumental in the development of VASCO as the “Full Option, All Terrain Authentication Company”.

With regards to the products, we have known a major evolution. We broadened our product range, without endangering our focus, and the cohesion of our offerings.

As the authentication company, VASCO specializes in guaranteeing that only the right designated persons get access to a network.

By adding Fraud Detection and Analysis services, VASCO broadens its range beyond the pure authentication.

Very recently, VASCO announced that it acquired the Belgian UTM appliance vendor Able N.V. Thanks to Able, VASCO adds an UTM appliance with 20 functions to its offerings, including VPN, firewall, anti-virus, hacker detection, statistics & reporting, content scanning and more. VACMAN Controller is already integrated into Able’s award winning aXs Guard product.

The result is that VASCO has a comprehensive and integrated product range, gathered around VACMAN Controller. The flexibility of the system allows us, even more than before, to offer our customer “à la carte” authentication and e-security.

If we translate VASCO’s offerings to the physical world, we could say that strong authentication is about doors and keys. Fraud Detection focuses on police patrols, guards, cameras and security reports. The acquisition of Able adds gates, barbed wire and alarm systems to the offering.

Around VACMAN Controller, its core authentication platform, VASCO is building an integrated, comprehensive security model, with strong authentication as the centre, surrounded by building blocks with related technologies.

With regards to the markets, we can state that VASCO grows in every geographical market. As Ken already mentioned, we have continuing success in the U.S.A. In Q3, we won 29 new banks in the United States, bringing the total number of US banking customers to over 80.

In Europe, both the Enterprise Security and the banking markets are growing rapidly, whilst we are making headways in Latin America and Asia.

Our vertical reach is expanding too. In addition to the “traditional” banking and enterprise security markets, VASCO is breaking through in the b-to-b e-commerce market. We also see encouraging signs in b-to-c e-commerce and in e-government.

In the vertical markets, it is clear that our products are used beyond the banking sector. We will, of course, keep our focus on the financial sector, but without turning a blind eye at opportunities in other sectors. We are implementing clear business models for a number of strategic verticals. You will hear a lot more from this.

The people: At the end of Q3, VASCO counted 161 employees. Although it isn’t easy to find the right kind of people, we succeed in attracting new, competent professionals. And, importantly, we succeed in growing without jeopardizing our profitability!

 

18


The cash: We are on Cliff Bown’s terrain here. I won’t say too much about our financial position, but it is important to know that we succeed in financing our own growth and acquisitions with our own cash. We have proven this with the acquisitions of AOS-Hagenuk, Logico AND Able.

Ladies and gentlemen, as you know, our product and market strategy is simple, but effective.

 

  1. we develop a product range that suits every bank’s needs;

 

  2. we take that product range to other vertical markets, beyond banking;

 

  3. we add products and technologies that are needed to suit the specific needs of customers within those verticals.

Some people might still think that VASCO is a vendor of low cost hardware tokens to the financial sector. They are wrong.

That image does not correspond with the reality, for the following reasons:

 

  1. Low cost: The full-option strategy is working. If you look at VASCO’s gross margin, you will understand that we are creating a substantial added value. Customers do not only buy our Digipass products, they also go for VASCO’s software and services. They opt for VASCO’s authentication platform. When they become a VASCO customer, they choose for VASCO’s know-how, experience and customer dedication. That is one of the secrets of VASCO’s success. Another reason is that, once companies have installed VACMAN Controller, their growth path to tomorrow’s authentication needs is wide open. All of VASCO’s current and future products, services and technologies are and will be compatible with VACMAN Controller and, later, with our Identikey server.

 

  2. Hardware: We see an increasing interest in software Digipass, including Digipass for Java Phone and Digipass for Web. Last quarter, we have added fraud detection and analysis services to our offerings. At the server side, VACMAN Controller gets the recognition that it deserves: an extremely flexible, easy to integrate, to use and to maintain server authentication product.

The acquisition of Able and the launch of the fraud detection services have widened our product range dramatically.

 

  3. Tokens: a Digipass is much more than a token. Calling a Digipass a token is the same as calling a pc a typewriter.

A token is a quite basic hardware tool that calculates one-time passwords. VASCO’s Digipass is much more. Functionalities of Digipass are: User Authentication, Digital and Electronic Signatures, Host Authentication, Challenge-Response, Time Based authentication, Event Based authentication, DES, 3DES, AES, OATH, EMV-CAP algorithms, certificates (PKI).

 

  4. financial sector: We are quickly growing our all-terrain strategy. We have customers in over 50 different vertical markets, from banking over national soccer leagues, ASP’s in the real estate sector, telco’s etc.

The financial sector will stay a crucial part of our offering, but VASCO’s reach goes beyond banking.

Ladies and gentlemen, VASCO is growing rapidly, and is very successful in adapting to ever changing market condition. We are convinced that we will do even better in the future.

 

19


Thank you.

Ken Hunt Introduce Cliff Bown:

At this time I would like to turn the call over to Cliff Bown, our Chief Financial Officer.

This excerpt taken from the VDSI 8-K filed Feb 24, 2006.

Introduce Jan Valcke:

At this time I would like to introduce Jan Valcke, VASCO’s President and Chief Operating Officer. Jan congratulations to you and your team on another great quarter.

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