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Wave Systems Announces First U.S. Federal Government Customer for Wave Virtual Smart Card 2.0

LEE, MA--(Marketwired - Oct 2, 2014) - Wave Systems Corp. ( NASDAQ : WAVX ) marked an important sales milestone by announcing the first U.S. federal government customer for its Virtual Smart Card 2.0. 

Since the Virtual Smart Card 2.0 became commercially available in late July 2014, Wave has entered into dozens of pilot deployments in multiple sectors, including healthcare, financial services, automotive, energy and utilities. However, today's announcement marks the product's first sale in the government sector.

"This is an important milestone for Wave," said Bill Solms, CEO of Wave. "Wave Virtual Smart Card 2.0 has been purchased by a government agency with significant security requirements and one that requires redundant means of system authentication due to national security interests. This initial sale is modest compared to the addressable market within the Federal Government sector, but it is important to our strategy for marketing the Virtual Smart Card to address critical government infrastructure defense."

"We believe that this sale, which was completed on a shorter sales cycle than we had anticipated, supports our view that customers are interested in the type of cyber security solution that Wave's Virtual Smart Card 2.0 provides," Solms added.

Wave Virtual Smart Card 2.0 is the industry's only enterprise-grade virtual smart card management solution that works on Windows 7. It also supports Windows 8 and 8.1. Wave's new solution emulates the functionality of physical smart cards or tokens, but offers greater convenience to users, lower total cost of ownership, and a reduced risk of unauthorized use.

Wave Virtual Smart Card 2.0 gives IT the ability to:

  • Remotely create and delete virtual smart cards
  • Provide help desk-assisted recovery
  • Configure PIN and card policies
  • View the status of virtual smart cards and enrolled certificates
  • Generate reports for compliance
  • Support virtual smart cards on laptops, tablets and desktops with TPM 1.2 or TPM 2.0

For more information about Wave Virtual Smart Card 2.0, visit: https://www.wave.com/products/wave-virtual-smart-card

About Wave Systems
Wave Systems Corp. ( NASDAQ : WAVX ) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

Safe Harbor for Forward-Looking Statements
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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