Can Save As Keep Encryption?

Here’s my scenario: I have an xlsm “master” application workbook that I want to encrypt with xls padlock.
(1) The administrator opens the “master” xlsm file (that I want to padlock)
(2) When opened, a form is displayed which collects certain information, including A NEW FILE NAME.
(3) The administrator then clicks “Proceed”, and the program issues a “Save As” dialog box using the new file name.
(4) The VBA code to save is:
ThisWorkbook.SaveAs NewBid.TextPath, FileFormat:=xlOpenXMLWorkbookMacroEnabled, CreateBackup:=False
(5) I want the “saved” file to also be an EXE file, just like the original “master” application - fully encrypted.

The reason for this is that we have a main location where an administrator once a week customizes a workbook to be sent to 5 remote locations. We don’t want the remote locations to be able to access our VBA, and we want to send it as an executable just like the original “master” workbook.

Is this possible?

Unfortunately, XLS Padlock can’t crypt other files than the master workbook. What about using Excel encryption feature? See