Baltimore Technologies has agreed to sell its remaining stake in its former Japanese subsidiary for £2.25 million (€3.3 million) to the US-based technology firm, Betrusted.

The former Irish technology firm announced the disposal of its 27 per cent stake in Baltimore Technologies Japan yesterday.

Management also indicated that it would update shareholders on future plans for the company at the end of March.

Baltimore, once a high-flying technology firm based in Dublin, has now sold off its entire technology portfolio.

Its management is currently deciding whether to liquidate the company and return cash to its shareholders or use Baltimore as a shell company to pursue a different corporate opportunity.

Mr Bijan Khezri, executive chairman of Baltimore Technologies, said the disposal demonstrated Baltimore's board's commitment and ability to optimise the value of Baltimore's remaining non-cash assets.

"We look forward to updating shareholders on progress at the time of our full year results announcement at the end of March," he added.

Baltimore began to sell off its assets almost two years ago when it ran into financial difficulties following a string of high-profile acquisitions.

This process has generated almost £20 million in cash, nowhere close to the several billion pounds valuation that Baltimore Technologies achieved before the collapse of the dotcom bubble.

Meanwhile, Baltimore shareholders have until April 6th to take advantage of a company scheme that enables them to sell their shares at minimal cost.

The company estimates that there are about 6,000 Irish shareholders who could benefit from this scheme.