Admiral Bobby R. Inman Joins Wave as an Advisor to the Board

Lee, MA — May 21, 2009 — Wave Systems Corp. (NASDAQ:WAVX www.wave.com) announced today that it has named Admiral Bobby R. Inman, USN (Ret.), as an Advisor to the Company’s Board of Directors, with the title of Advisory Director. Wave looks to Admiral Inman’s decades of experience to support the Company’s strategy and business development efforts across a range of target markets including government, military, education, technology and energy.

Admiral Inman served in the U.S. Navy from November 1951 to July 1982 when he retired with the permanent rank of Admiral. While on active duty he served as Director of the National Security Agency and Deputy Director of the Central Intelligence Agency. After retirement from the Navy, he was Chairman and CEO of the Microelectronics and Computer Technology Corporation in Austin, Texas for four years and Chairman, President and CEO of Westmark Systems, Inc., a privately owned electronics industry holding company for three years. He also served as Chairman of the Federal Reserve Bank of Dallas from 1987 through 1990.

John E. Bagalay, Jr., Ph.D., Chairman of Wave Systems, commented, "Admiral Inman is a significant addition to our team. He has an enormous base of experience and relationships built across the technology industry, government, the military, higher education and an array of other markets. We believe he will help us expand awareness of our trusted computing solutions in several important markets."

Admiral Inman’s primary activity since 1990 has been investing in start-up technology companies, where he is a Managing Partner of Gefinor Ventures. He is a member of the Board of Directors of Massey Energy Company and several privately held companies. He serves as a Trustee of the American Assembly and the California Institute of Technology. He is a Director of the Public Agenda Foundation and is an elected fellow of the National Academy of Public Administration.

He became an adjunct professor at the University of Texas at Austin in 1987, was appointed as a tenured professor holding the Lyndon B. Johnson Centennial Chair in National Policy in August 2001 and he served as Interim Dean of the LBJ School in 2005. Admiral Inman is a graduate of the University of Texas at Austin and the National War College.

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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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This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and 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.  Wave assumes no duty to and does not undertake to update forward-looking statements.

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Contact:
Gerard T. Feeney, CFO
Wave Systems Corp.
413-243-1600
info@wave.com