LONDON, May 22, 2003 (PRIMEZONE) -- Baltimore Technologies PLC (LSE:BLM) (Other OTC:BTPSF): commencement of Controlled Sale Process, Trading Update and Results of Annual General Meeting.
Baltimore Technologies plc today announced at its Annual General Meeting that it is commencing a controlled sale process to select a strategic partner. The main highlights of the sale process and current trading are:
- Baltimore to take opportunity to select strategic partner through controlled sale process to best exploit its long term growth potential.
- JPMorgan appointed to manage controlled sale process, to seek binding offers by 30 June 2003.
- GBP15.6 million cash balance at 30 April 2003, not including GBP2-3 million due in the next 6 months from earlier divestments.
- Cash burn rate at the lowest level since end 2000.
- Loss before interest, tax and amortization for the four months ended 30 April 2003 is broadly in line with management's expectations.
- Revenues for the second quarter are currently anticipated to be better than in the first quarter.
The loss before interest, tax and amortization (LBITA) for the first four months ended 30 April 2003 was broadly in line with management's expectations, despite revenue in the same period being below expectations. Management anticipates that revenues for the second quarter, ending on 30 June 2003, will be better than in the first quarter. Due to the commencement of the controlled sale process, further detailed financial information is not publicly available.
Comment
Peter Morgan, Chairman, said: "The Board believes that a controlled and short sale process should best protect the interests of our shareholders, customers and employees. To that end, JPMorgan has been engaged as financial adviser to manage this process and to seek binding offers by 30 June 2003."
Bijan Khezri, Chief Executive Officer, said: "Why now. We have identified promising growth initiatives such as the broadening of our access to market for network security and the further productisation of our core technologies for digital signature-based transaction security. A strong strategic partnership would facilitate and accelerate achievement of these initiatives."
"Today's cash burn rate is the lowest in both absolute terms as well as in relation to the overall cash balance, since the end of 2000. Continuing strict cost control has ensured that at 30 April 2003 there was a GBP15.6 million cash balance representing a reduction of GBP2.3 million since 31 December 2002. This cash balance does not include GBP2-3 million due in the next 6 months from earlier divestments."
Results of Annual General Meeting
All of the resolutions at the annual general meeting were passed. The votes received in respect of the same were as follows:
For Against Abstain
Resolution A 5,164,219 20,119 13,944
Resolution B 5,135,186 52,905 10,191
Resolution C 3,995,509 339,956 862,817
Resolution 1. 5,106,518 85,085 6,679
Resolution 2. 5,101,027 90,834 6,421
Resolution 3. 5,088,684 91,434 18,164
Resolution 4. 5,082,008 95,259 21,015
Resolution 5. 5,068,953 103,551 25,778
Footnote
All financial information is based on unaudited management accounts as at 30 April 2003
About Baltimore Technologies
Baltimore Technologies' products, services and solutions solve the fundamental security and trust needs of e-business. Baltimore's e-security technology gives companies the necessary tools to verify the identity of who they are doing business with and securely manage which resources and information users can access on open networks. Many of the world's leading organisations use Baltimore's e-security technology to conduct business more efficiently and cost effectively over the Internet and wireless networks. Baltimore also offers worldwide support for its authorisation management and public key-based authentication systems.
Baltimore's products and services are sold directly and through its worldwide partner network, Baltimore TrustedWorld. Baltimore Technologies is a public company, principally trading on London (BLM). For more information on Baltimore Technologies please visit http://www.baltimore.com
Certain statements that are not historical facts including certain statements made over the course of this document may be forward-looking in nature. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements implied by such forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange