1、Take a closer lookANNUAL REPORT 201102D-1274029/03/12OK FINALCORRIGEZ LE TEXTEMODIFIEZ LE VISUELDAVRIFI PARSIGNATURE DU RESPONSABLEPREUVETOUTES CORRECTIONS DAUTEUR SERONT FACTURES EN SUS.LE SIGNATAIRE DELAPPROBATION FINALE LIBRE VASCO DESIGN DE TOUTE RESPONSABILIT RELATIVE AUX ERREURS OU OMISSIONS.G
2、RDACPCLPLI-Ajuster la couverture selon la reliure2011 was a pivotal year for the Company during which management successfully continued to build on the underlying value of the Companys various technologies and related commercial applications as well as the breadth of its intellectual property portfo
3、lio.The corporate focus was on expanding the Companys customer base for its existing marketed products and proprietary enabling technologies,on growing recurring revenue generation capacity and increasing market penetration in both established and emerging markets.Whilst growing the business,Managem
4、ent continued to search for ways to significantly improve its liquidity and financial position through additional financing alternatives while attempting to limit as much as possible dilution to the Companys shareholders.Without doubt managing a tight cash situation was a key priority for Management
5、,alongside continuing to progress business development efforts.This required the Company to make many difficult decisions during 2011.However,we anticipate our liquidity and financial position to continue to improve and intend to pursue relentlessly the achievement of all our corporate goals within
6、all our subsidiaries.Delays with some of the Companys key clients development programs impacted the Company throughout 2011.However,the second half of 2011 was more robust in terms of product sales and announcements.Consequently,the Company has positioned itself with a solid pipeline of business for