Baltimore Technologies announced the appointment of Bijan Khezri as the
Executive Officer, effective immediately. Bijan replaces Paul Sanders who
served as interim CEO from July 2001.
Bijan Khezri has a thorough understanding of Baltimore Technologies and
the security industry, having joined the Board as a Non-Executive Director in
1998, and he assumed executive responsibilities for corporate strategic
development from November 1999 until May 2000 and left the Board in November
2000. Bijan rejoined the Board in July 2001 as a Non-Executive Director.
Bijan brings substantial business leadership and corporate finance
expertise through his Board level positions. Bijan acted as strategic advisor
and Board member of Jetter AG, a technology Company listed on the Frankfurt
Stock Exchange, helping to build the company into one of the world’s leading
Ethernet-based industrial automation companies, converging IT technologies
with robot automation. He was also a Director on the Board of a Silicon
Valley-based network security company, VPNet Technologies, where he
successfully devised and implemented corporate strategy. In early 2000, he
co-founded UK-based Despatchbox, a PKI-centered application vendor for secure
communications and data sharing.
Commenting on today’s CEO appointment, Peter Morgan, Chairman of Baltimore
Technologies said, “We are delighted to announce the appointment of Bijan as
Chief Executive Officer of Baltimore Technologies. His thorough knowledge of
our industry and company-specific challenges, his proven leadership and
corporate development skills, make him an exceptional choice as CEO. Bijan
enjoys the trust and support of our senior management and has the required
experience, energy, drive and foresight to lead this company.”
Bijan Khezri, Chief Executive Officer of Baltimore Technologies commented,
“Our employees, technology and installed customer base are first class. Our
challenge is to successfully combine all three. We need to focus on both our
customers’ needs and our core competencies. Usability and return on
investment to the end-user and corporate profitability will determine the path
of our authentication and authorization businesses going forward.”
Mr. Khezri continued, “Technology and services related partnerships will
be critical to allow applications to drive demand for our infrastructure
products, more effectively leverage professional services and move towards a
variable cost model.
“Our restructuring programme, announced on August 22, is under way. We
are fully committed to it. Its completion should provide the Company with the
necessary resources to take it into the next growth phase.”
The Company also announced today that Paul Sanders has resigned as Acting
Chief Executive Officer and Chief Financial Officer with immediate effect.
The Company has commenced a search for a new CFO and in the meantime, Bijan
will assume Board level responsibility for finance. Paul Sanders joined
Baltimore Technologies in December 2000 to financially manage the Company
through its aggressive merger and acquisition program. Subsequent
developments caused Baltimore Technologies to switch its strategic focus away
from acquisition activity. Paul has played a central role in developing this
restructuring program and now that the Company is focused on optimising the
business he feels that the time is right to move on.
“On behalf of the Board and the Company, I would like to wish Paul Sanders
every success in the future and thank him for his contribution to the
restructuring of Baltimore Technologies,” said Peter Morgan, Chairman of
Following Baltimore’s voluntary delisting from the NASDAQ market and
subsequent move to the OTC Bulletin Board, the Company will only be announcing
full financial results for the half year and year end. Today, Baltimore
Technologies announced financial highlights for Q3 2001, based on unaudited
* Total revenues for the period of Stg 15 million pounds sterling. Demand
for Baltimore’s security technology was underpinned by deals with
customers worldwide including Bundesamt fur Informatik und
Telekommunikation (Swiss Government), Australian Tax Office, Tradelink,
Verizon Communications and Chase Manhattan Bank.
* The cash balance as at 30 September 2001 was Stg 32.4 million pounds.