Wave Systems Announces EMBASSY Trusted Drive Manager to Support Seagate Momentus 5400 Full Disc Encryption Hard Drives

Lee, MA — June 7, 2006 — Wave Systems Corp. (Nasdaq: WAVX — www.wave.com ) has announced the availability of the EMBASSY Trusted Drive Manager software supporting Seagate (NYSE: STX — www.seagate.com ) Momentus 5400 FDE (Full Disc Encryption) hard drives. EMBASSY Trusted Drive Manager (ETDM) is the newest component of Wave’s EMBASSY® Trust Suite (ETS) software products, which provide industry standard-based support for security hardware such as Trusted Platform Modules (TPM) and the Seagate Momentus 5400 FDE hard drives with hardware-based Full Disc Encryption technology. Seagate and Wave have worked together to ensure that their complementary products address the new market opportunities for security and trusted computing in the data protection markets.

"Seagate is working closely with Wave Systems and other providers of security management software to give organizations of all sizes a simple, cost-effective way to deploy Momentus 5400 FDE hard drives," said Karl Chicca, Seagate senior vice president and general manager, Personal Storage. "We are pleased to be working with Wave Systems to enable robust protection of notebook PC data."

The EMBASSY Trusted Drive Manager is a plug-in to the EMBASSY Trust Suite and provides a complete set of life cycle management functions for FDE drives. Featuring an easy to use interface, the comprehensive FDE functions include drive activation or issuance, policy setup, automated key and password management, strong access control, and instant data destruction for repurposing or drive disposal. ETDM provides a strong, hardware based access control solution by integrating FDE drive support with the Trusted Platform Module for authenticating authorized drive users. In addition, Wave’s EMBASSY Key Management Server, based on TCG’s open specifications, has been enhanced to support the Seagate Momentus 5400 FDE family of products to enable end users and enterprises to easily manage the life cycle of cryptographic keys and passwords including backup, recovery, migration and roaming.

The new Trusted Drive Manager has been designed to work with Wave’s EMBASSY Security Center software, a hub for integrating PC platform security functions, to provide a simple Windows user interface for easy set up, configuration, password management, and authentication access control in a trusted computing environment.

Protection of sensitive enterprise and customer data has become a high priority and the focus of many new government regulations. Enterprises have been looking for more integrated data security features that are transparent to users and provide constant protection. In addition, enterprises need the assurance that encrypted data can only be accessed by authorized and authenticated users, which is another key benefit of the Wave and Seagate solutions.

Wave’s ETS software is a comprehensive set of trusted computing applications, development tools, and infrastructure servers that have been designed to support hardware security features provided by Trusted Platform Module security chips that are shipping in millions of personal computers. Extending ETS to include support for the Seagate Momentus 5400 FDE drives provides a strategic new dimension for Wave’s trusted computing products and services. "Seagate is providing industry leading security features in its products that enterprises can employ to meet the challenging requirements of data protection, regulatory compliance, and privacy," said Lark Allen, executive vice president, Wave Systems. "The Momentus 5400 FDE drives address the current data security challenges for mobile devices, and in concert with trusted computing applications and services such as Wave’s EMBASSY Trust Suite, we’re enabling organizations to leverage the combined power of the latest hardware and software security to achieve stronger levels of data protection."

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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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For further information about the products and their availability please contact the marketing contacts listed below :

Wave Media Contact:
Schwartz Communications
Mike Schultz/Katie Potter


Wave Investor Relations Contact
David Collins, Richard Land
Catalyst Global LLC

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