Steven Sprague to Present at Dutton Associates’ "Recognizing Opportunity" SmallCap Conference in San Francisco on May 30th


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Lee, Massachusetts & San Francisco, CAMay 23, 2007Wave Systems Corp. (NASDAQ:WAVX www.wave.com), a developer of trusted computing solutions and services, announced today that its President and CEO, Steven Sprague, will present at Dutton Associates’ "Recognizing Opportunity" SmallCap Conference. The conference will take place at The OMNI Hotel in San Francisco on Wednesday, May 30, 2007

Mr. Sprague will make a 30-minute presentation at 9:30 A.M. PDT and will be available for a 30-minute breakout session at 2:00 P.M PDT. In addition, Mr. Sprague will also give a live 10-minute web broadcast presentation at 3:15 P.M. PDT. The web broadcast will be available live on May 30, 2007 and thereafter at www.jmdutton.com and www.wave.com

Mr. Sprague and Wave’s CFO, Gerard Feeney, will be available to meet with investment professionals during one-on-one scheduled meetings throughout the day. For more conference information and registration, visit www.jmdutton.com.

About Dutton Associates
Dutton Associates, an international issuer-paid equity research firm, offers independent, fundamental research on over 120 small cap public companies. The company’s 29 analysts are primarily CFA charter holders with, on average, over 20 years of experience at the major securities firms. For more information, visit www.jmdutton.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.

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.

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For more information please contact:

Contact:
Gerard T. Feeney, CFO
Wave Systems Corp.
413-243- 1600
info@wave.com
Wave Investor Relations Contact
David Collins, Richard Land
Catalyst Global LLC
212-924-9800
wavx@catalyst-ir.com

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