Wave Systems CEO to Describe Trusted Computing Solutions at the Government Security Expo & Conference 2005 (GOVSEC)

Trusted Computing Addresses Common Problems Surrounding Government PCs, Including Hacker Attacks, Data Security and Identity Theft

Lee, MA — May 24, 2005 — Wave Systems Corp. (NASDAQ: WAVX – www.wave.com), today announced that Steven Sprague, president and CEO, will present “Security Solutions Using Trusted Computing Group (‘TCG’) Technology” as a part of a seminar on “Trusted Computing: How to Make Your Systems and Data Truly Secure,” on Thursday, May 26, from 8:30 a.m. to 11:30 a.m. at the Government Security Expo & Conference 2005 at the Washington Convention Center in Washington, D.C. Sprague’s presentation will begin at approximately 9:45 a.m.

Sprague’s presentation will address common PC security issues facing government today, such as insecure password protection, poor data protection, hacker attacks and identity theft, and show how to implement support for new industry standard security chips and associated software now shipping in many commercial PCs in enterprise and government IT networks. The TCG security chip capability can be integrated into industry standard, Microsoft-compatible, trusted computing solutions while taking advantage of the existing infrastructure.

“In many government computer networks today, the infrastructure is already in place to take advantage of trusted computing solutions that are designed to address security issues plaguing IT managers,” Sprague said. “Trusted computing is based on a hardware security chip built into personal computers, and the tools exist today for trusted computers to significantly increase the level of protection for computer networks. IT managers within the government may be surprised by how quickly solutions, such as password and data protection, network access control and asset management, for example, can be integrated into today’s environment.”

Trusted computing solutions, including network authentication, data protection, authentication to VPNs, password protection, secure information distribution and secure email, are available from several trusted computing vendors today, including Wave.

Wave’s EMBASSY┬« Trust Suite software solutions are designed to be compliant with the open standard specifications from the TCG. The computer industry has shipped millions of PCs embedded with a TCG-standard chip, called the Trusted Platform Module (“TPM”). Wave believes it has designed its secure business productivity software to work with all TCG-compliant TPMs commercially available.

More information about EMBASSY Trust Suite products is available through Wave Systems at 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
Catalyst Global LLC
212-924-9800
wavx@catalyst-ir.com

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