Sonex to Distribute Wave Systems EMBASSY® Trust Suite, Targeting Enterprises Interested in Trusted Computing in Eastern Europe

Lee, MA — Feb. 22, 2005 — Wave Systems Corp. (NASDAQ:WAVX) and Sonex Infrastructure Solutions Group (Sonex ISG) today announced that Sonex ISG will distribute Wave’s EMBASSY® Trust Suite (ETS) software and infrastructure to enterprises interested in trusted computing solutions for personal computer security.

Sonex ISG will distribute Wave’s EMBASSY Trust Suite software in Lithuania, Latvia and Estonia in eastern Europe. International group Sonex ISG consists of IT infrastructure and PC manufacturing companies "Sonex Kompiuteriai" (Lithuania), "Sonex Riga" (Latvia) and "Sonex Computers" (Estonia). Sonex ISG will host a press conference and customer seminar today in Vilnius at the Business Center Forum Palace to describe the distribution partnership and the trusted computing market opportunity.

Wave’s ETS software is designed to deliver solutions compliant with the Trusted Computing Group specifications for trusted computing. Millions of PCs have been shipped by the computer industry embedded with a TCG-standard chip, called the Trusted Platform Module (TPM). TPMs serve as a platform for secure services and applications — offered by companies such as Wave. Wave has designed its secure business productivity software to work with all TCG-compliant TPMs commercially available. The hallmark of EMBASSY Trust Suite solutions is usability — designed to be easy to enable, easy to use and easy to manage by IT administrators.

"We believe that Trusted Computing is gaining strong momentum as an area of increasing importance to enterprises evaluating stronger data security," said Henrikas Genutis, CEO of Sonex ISG. "After looking at alternatives, we decided that Wave’s EMBASSY Trust Suite client and server software is the best TCG-compliant solution addressing data protection, identity protection and access control needs in the enterprise."

"Sonex ISG is a Value Added Reseller with strong experience in distribution and marketing to system integrators, consultants and OEMs in eastern Europe They represent the leading companies in the marketplace, and we are proud to have our solutions chosen by them," said Bruno Leconte, Wave vice president, sales, EMEA.

The EMBASSY Trust Suite is designed to be compatible with the Microsoft Office® environment, and to deliver a variety of PC-related security and productivity tasks, in an intuitive, easy-to-understand format.

Software capabilities include Document Manager Vault for securing files and folders, SmartSignature for digital signature capability for secure electronic contracts, and Private Information Manager for secure storage and management of user names, passwords and personal information. Private Information Manager is designed to intelligently retrieve data for use in web pages, logging into web sites, or for filling forms.

Also available is Wave’s Key Transfer Manager, an enterprise software solution that is designed to help backup and protect the hardware encryption keys used for critical personal computer data.

More information about EMBASSY Trust Suite products is available through Wave Systems at www.wave.com/products/ets.asp.

About SONEX

Sonex Infrastructure Solutions Group consists of few IT infrastructure and PC manufacturing companies, operating in all Baltic States — Lithuania, Latvia and Estonia. Group manufactures and sells Vector brand computers and is the largest PC manufacturer in Baltic States. Group’s companies provides it’s customers with a wide range and high quality IT infrastructure products and services.    

Sonex Infrastructure Solutions Group belongs to Sonex Holding — one of the largest IT products, solutions and services group in Baltic States. European Bank of Reconstruction and Development (EBRD) owns 36 percents shares of Sonex Holding. For more information about Sonex, visit www.wave.com.
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About Wave Systems Corp.

Wave is a pioneer in hardware-based PC security that provides software to help solve critical enterprise PC security challenges such as data protection, strong authentication, network access control and the management of these enterprise functions.  Wave is a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security.  Wave’s EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG’s industry standard hardware security chip, the Trusted Platform Module (TPM) as well as hard drives that comply with TCG’s “Opal” self-encrypting drive (SED) standard.  Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than most existing software-based encryption solutions.  TPMs are standard equipment on many enterprise-class PCs shipping today and have shipped on an estimated 300 million PCs worldwide.  Using TPMs and/or SEDs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions.  Visit http://www.wave.com for more information.

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Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of 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.

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For more information please contact:

Wave Media Contact:
Michael Wheeler
Wave Systems Corp.
413-243-7029
mwheeler@wave.com
Wave Investor Relations Contact
David Collins, Richard Land
Catalyst Global LLC
212-924-9800
wavx@catalyst-ir.com

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