Wave and Efficient Forms, LLC Selected to Provide 
Interview-Based Data Collection, E-Signature and Secure Document
 E-Vaulting Solution for Trust Company of America

Lee, MA — July 17, 2006 — Wave Systems Corp. (Nasdaq: WAVX — www.wave.com) announced that it has been selected to provide a server-based e-signature and secure document vaulting solution for Trust Company of America, a specialized provider of custody and back office services to the financial services industry that utilizes advanced technology and responsive client support to provide registered investment advisor custody services, transfer agent and registrar for non-traded REITs and other direct participation programs, self-directed IRA account administration, and secure information processing.

Wave’s TCG compatible eSign Transaction Management Suite™ (eTMS) will be deployed with Efficient Forms’ iForms Product Suite™, to enable Trust Company of America to automate its new account and account maintenance processes. Addressing the industry-wide problems associated with time consuming and expensive paper-based processes, Trust Company of America’s new platform will allow investment advisors to focus their time and efforts on customer’s investment needs — not administrative account management activities and support.

Wave’s eTMS enables organizations to create, sign, store, access and manage the lifecycle of legally binding electronic records. eTMS is an integrated suite of applications that provide the functionality necessary to meet the technical, security and legal requirements of transactions governed by ESIGN, UETA, Revised Article 9 of the UCC, and SPeRS.

Efficient Forms’ iForms Product Suite is the forerunner in business forms and data collection software for the financial services industry. With a single web-based solution, account data is collected, stored, transmitted and managed by participating parties. In this industry, these elements combined with e-signature provide for the only straight-through processing for new account establishment and transfer transactions.

"We are very excited about our partnership because it enables Trust Company of America to enhance their level of service and provide operational excellence to their clients," said David Kenney, chief executive officer, Efficient Forms, LLC

"Developing online forms processing was needed to support our growth and enhance our competitive edge in the areas of efficiency and client service," said Terry Reitan, president and chief executive officer of Trust Company of America. "The Wave/Efficient Forms solution will reduce our operating costs and our clients’ operating costs through interview-based data collection, e-signatures, and a complete paperless work flow. This automation will reduce time between initiating and completing a transaction, cut down on overhead requirements, as well as decrease errors and incomplete forms."

"We are pleased to be working with Trust Company of America," said Scott Schrader, president of Wave’s eSign Systems. "Trust Company’s new offering will continue its history of providing state-of-the-art, industry-leading solutions."

About Efficient Forms, LLC
Efficient Forms, LLC (Littleton, Colorado) specializes in business form and data collection automation software. With over 300 customers in the Insurance, Financial Services, Human Resources, Compliance industries, Efficient Forms is experiencing explosive growth with a new approach to data collection, forms completion and process workflow. Efficient Forms Internet-based product suite provides businesses from all industries efficient, cost-effective solutions that quickly automate their data capture and forms workflow processes. For more information, please visit www.efficientforms.com.

Wave Logo

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.

Safe Harbor for Forward Looking Statements

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.

All brands are the property of their respective owners.

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

Wave Media Contact:
Schwartz Communications, Inc.
Mike Schultz/Katie Potter
781-684-0770
wavesystems@schwartz-pr.com

For more information on eTMS Contact
Kelly Purcell
Wave Systems Corp
602-840-1199l
kpurcell@esignsystems.com

Wave Investor Relations Contact
David Collins
Catalyst Global LLC
212-924-9800
wavx@catalyst-ir.com

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