STOCKHOLM, Sweden, April 12, 2002 (PRIMEZONE) -- The Chief Executive Officer's address to the shareholders present at the Meeting contained the following information:
The substantial growth in turnover enjoyed by Protect Data during 2000 saw the company take a number of expansive strides. However, a turn in the business cycle during 2001 adversely affected Protect Data's sales and, as a result, the company found itself encumbered with costs it could not afford. Because of this, the past twelve months has seen a proliferation of reorganisation, cutbacks and savings. The company's workforce shrank by 18% from its peak of around 170 employees to 141 by year-end.
The management teams of several subsidiaries were removed during the year and replaced by people with an altogether more distinct sales profile.
The year ended on a strong sales note for Pointsec. The product underwent a certification process in the USA in the final few months of the year, which led to it being approved for sale to U.S. authorities.
The CEO ended his address by highlighting the press release issued by the company the previous day, which confirmed that Thomas Bill had been appointed as the new CEO of Protect Data AB and would take up his post on May 2, 2002.
The Meeting made the following decisions:
-- Martin Bjaringer, Johan Brenner, Jonas Fredriksson,
Roger Gullqvist, Sven Hagstromer, Harald Nilsonne and Carl Rosvall
were re-elected to the Board of Directors.
-- It was decided that remuneration for the Board for the period up
to the next General Meeting should remain unchanged, with
SEK 100 000 paid to the Chairman of the Board and SEK 250 000
split between the other members that are not employed by the
company.
-- The Board was authorised to issue a maximum of 1 500 000 new
shares in the company before the date of the next General Meeting.
-- Dividends would not be paid for the 2001 accounting year.
A full copy of the decisions made by the Annual General Meeting is available from the company's offices.
At the first meeting of the new Board, held later in the day, Martin Bjaringer was re-elected as Chairman and Carl Rosvall was appointed Vice Chairman.
Protect Data AB is a Group offering tailor-made IT security solutions to large companies and organisations. The company offers access-controlling and encrypting systems for personal computers, anti-virus systems, firewalls, user identification systems, content control systems, Secure VPNs, digital signatures and PKI, and systems for secure transactions. Its subsidiary, Pointsec Mobile Technologies, develops access-controlling and encrypting systems for stationary and portable computers, palmtop computers and smart telephones. Protect Data is the market leader in its business area in the Nordic region and has subsidiaries in Sweden, Norway, Finland, Denmark, Czech Republik, Slovakia, the United Kingdom and the USA. Protect Data has approximately 150 employees and is listed on the Stockholm Stock Exchange. Visit our website at: www.protectdata.com.
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