Baltimore Technologies, the troubled Dublin-based internet security firm, appointed a chief executive yesterday and said third-quarter revenues would be lower than the previous quarter.

It also indicated it might sell some assets apart from its e-mail security division, Content Technologies, which Baltimore put on the market in August.

Mr Bijan Khezri, a former non-executive director of Baltimore, takes over from acting chief executive, Mr Paul Sanders, who also resigned as chief financial officer. Mr Khezri faces a stiff challenge as Baltimore's quarterly revenues continue to tumble and its high cash-burn depletes its cash reserves of just £32.4 million €41 million).

Baltimore said yesterday total revenues for the third quarter were £15 million sterling (, down from £20.1 million for the same quarter last year. Analysts again warned yesterday the firm would run out of cash within two quarters unless it sold its e-mail security division called Content Technologies. Mr Kherzi confirmed Baltimore had received expressions of interest in Content from between three to five firms. Baltimore expected to announce a sale before the end of the year, he added.