Wave Systems Corp. (fka WAVXQ)

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Wave Systems and Cubic Defense Applications Collaborate to Address Key Government Security Markets
7/30/2003 8:30:00 AM









SAN DIEGO, Jul 30, 2003 (BUSINESS WIRE) -- Wave Systems Corp. (WAVX) and Cubic Defense Applications, the defense segment of Cubic Corp. (CUB) , today announced a strategic partnership where Cubic will integrate Wave's EMBASSY(R) technologies into a new line of versatile smart card readers. These readers will be offered in several form factors, such as standalone Universal Serial Bus (USB) devices, trusted computer keyboards, and proximity door access devices.

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These secure devices will satisfy the new requirements of several U.S. government agencies, including the Department of Homeland Security and General Services Administration (GSA), and will be offered to the intelligence community as part of a new trusted Infrastructure concept addressing multilevel security solutions. The devices may be used for both physical and logical access.

The new readers will perform three-factor authentication of users -- using both contact and contactless smart cards, fingerprint verification, and secure PIN entry authentication methods. Future versions are expected to include magnetic stripe, bar code and optical reading capabilities.

The Cubic Defense Applications (CDA) group provides a broad spectrum of world-class integrated systems, electronic products, and high-caliber services supporting the training and operational readiness of U.S. armed forces and allied militaries. The group also provides government and commercial customers with electronic systems and products in the critical areas of secure communications, combat search-and-rescue, intelligence and air traffic control.

"The partnership between Cubic and Wave Systems makes perfect business sense," said Mark Gaertner, CDA vice president for Systems Integration and Security. "Our expertise in secure access systems, contactless technology and systems integration for the defense industry coupled with Wave Systems' information security solutions will allow us to offer systems for Homeland Security that the U.S. government has identified as urgently needed," he said.

Wave Systems is a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms.

"Wave is delighted to be partnering with Cubic, a leader whose technology has gained a strong foothold in military, national security, transportation and state government markets," said Steven Sprague, Wave's president and CEO. "Our EMBASSY technology, which hardens and protects vital secrets from attack, is the perfect complement to Cubic broad portfolio of authentication solutions."

Wave is delivering EMBASSY(R) trusted client technology for this partnership, based on the EMBASSY 2100 security chip embedded in smart card readers and trusted keyboards. Trusted Computing Group-compliant, EMBASSY technology is an inexpensive platform that is programmable and targeted at a broad range of applications that demand advanced security solutions, such as strong authentication and identity management. EMBASSY offers multi-factor authentication, including secure PIN entry and secure biometric matching functions. This secure processing environment guarantees that sensitive PIN and biometric data is never open to attack, thus ensuring that data stays secure.

In concert with advanced silicon solutions, the EMBASSY trusted client technology is backed by a robust PKI security infrastructure, the Trust Assurance Network. This comprehensive security system is the industry's first trusted platform to provide the means to securely manage the authentication, administration and operation of the virtual network of trusted clients.

Cubic offers a 32K contactless smart card, already popular GO CARD(R) public transit ticketing technology, multi-function smart card readers, and secure state-of-the-art gating solutions. These products are easily integrated with video surveillance, hybrid smart/optical memory cards and readers, and secure entry-exit systems and information management software to satisfy new security application requirements.

Wave's EMBASSY-platform trusted client technology is currently in use in a range of government environments, including defense and healthcare applications, and in commercial applications in Europe. EMBASSY is ideal for a wide variety of applications requiring access control of information, including HIPAA Privacy and Security regulations for the protection of health patient information. For more details, go to www.wave.com.

Wave is a member of the Trusted Computing Group, a group of industry leaders dedicated to embedding trust and security more broadly into computing platforms and devices. The TCG works to create open standards that can be adopted for use in products and solutions across the spectrum of computing and communications devices, to enable secure and trusted computing that can protect data, privacy, and individual rights.

About Cubic

The Cubic Defense Applications group, one of Cubic's two major segments, provides realistic combat training systems for military forces as well as simulation, force modernization, educational services and operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) applications, search and rescue avionics and radio communications for military and civil markets. The corporation's other major segment, Cubic Transportation Systems, designs and manufactures automatic fare collection systems for public mass transit authorities. For more information about Cubic, see the company's Web site at www.cubic.com.

About Wave Systems

Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is the leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com.

Safe Harbor for Forward-Looking Statements Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.

SOURCE: Cubic Corp.

Cubic Corp., San Diego
Jae Lande, 858-505-2642
[e-mail]
or
Jaffoni & Collins
David Collins, Richard Land, 212-835-8500
or
Wave Systems
John Callahan, 413-243-7029
[e-mail]

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