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U.S. Army Awards Wave a Contract for the Design of Encryption Management for Vehicle-Based Mobile Computers

(March 27, 2012)

LEE, MA -- (Marketwire) -- 03/27/12 -- Wave Systems Corp. (NASDAQ: WAVX) announced today that it has received a contract from the U.S. Army. Under the terms of the contract, Wave will provide labor, equipment and management to implement solutions for the Army's self-encrypting drives (SEDs) in support of Army operations.

The Army is exploring the enablement of SEDs with Trusted Platform Modules (TPMs) in its systems in order to mitigate the possibility of data being compromised if hardware were to fall into enemy hands. Wave has been retained to provide expertise in the area of SEDs and TPMs to help yield the maximum security advantage of these technologies while minimizing the disruptive impact to Army's fielding and sustainment. Wave will also provide vital engineering support to Army missions in support of continental U.S. and overseas operations.

"This contract affirms the value and leadership that Wave brings in leveraging embedded security for mobile endpoints operating beyond the network perimeter," said Steven Sprague, CEO for Wave. "We're delighted to have the opportunity to help ensure that mission-critical data and communications remains under the secure control of central command at all times."

Trusted computing standards provide capabilities that can be leveraged in many mission systems where device assurance and integrity and data protection are required. As the adoption of trusted computing continues to grow across all platforms, there are many ways this industry-standard technology can be leveraged to reduce costs and improve security and assurance of any computing system. Wave provides the expertise and solutions to realize the security benefits of the industry standards.

While Wave's fees under this contract will be modest, the company views this as an important application of trusted computing solutions by the Army.

About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

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Wave Systems Corp.
Michael Wheeler

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