Wave Systems Corp. (fka WAVXQ)

[Hacktheripper]

WAVX News

Wave to Receive $3.6M in Cash Proceeds; Q2 Webcast/Conference Call Set for

Thursday, August 14th at 4:30 P.M.
EDT

Business Editors

LEE, Ma.--(BUSINESS WIRE)--Aug. 7, 2003--Wave Systems Corp.
(Nasdaq: WAVX) announced today that it expects to receive
approximately $3.6 million in proceeds from recent employee and
ex-employee option exercises and the repayment of a former officer's
loan. Wave also announced that on Thursday, August 14, 2003 at 4:30
P.M. EDT it will host a webcast/conference call reviewing Q2 results
(June 30, 2003) and recent progress toward deployment of its software
solutions by year-end 2003. Wave's results will be issued after the
market's close.
WEBCAST/REPLAY: To access the webcast and the replay, please go to
http://www.wave.com. The archived version of the webcast will be
available for 30 days.
TELEPHONE: The conference call numbers are 212/346-6410 and
415/537-1934 (use either number). Please call five minutes in advance.
Wave reported that it expects to receive $1.0 million in cash from
its former Chairman, Peter J. Sprague, representing the full repayment
of a loan and all accrued interest. Mr. Sprague now serves as CEO of
Wave's subsidiary, Wavexpress, Inc. In addition, the Company expects
approximately $2.6 million in proceeds from the exercise of stock
options with strike prices ranging from approximately $1.09 - $4.08
per share.
The options, which enabled the purchase of a total of
approximately 1,189,000 shares, were exercised by current and former
Wave employees and officers. Wave reported that its CEO, Steven
Sprague, has exercised options for 150,000 shares and sold all
underlying shares. Mr. Sprague's exercises/sales amount to less than
10% of his total share and option holdings in the Company. Wave also
reported that its CFO, Gerard Feeney, has sold 100,000 shares of Wave
common stock, also representing less than 10% of his total share and
option holdings.

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.

--30--KK/ny*

CONTACT: Wave Systems Corp.
Gerard T. Feeney, 413/243-1600
[e-mail]
or
Jaffoni & Collins
David Collins, 212/835-8500
[e-mail]

KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: E-COMMERCE INTERNET NETWORKING SOFTWARE HARDWARE
CONFERENCE CALLS EARNINGS
SOURCE: Wave Systems Corp.

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Aug-07-2003 12:32 GMT
Symbols:
US;WAVX
Source BW Business Wire
Categories:
MST/I/CMT MST/I/CPM MST/I/NET MST/I/SOF MST/I/SYS