Wave Systems Corp. (fka WAVXQ)

[SPIN]

TV -- if Wave did have a Northrop Grumman deal, why haven't they PRed it like this?

News 9/03/03 Northrop Grumman contract with BKYI
BIO-key Awarded Contract by Northrop Grumman

3 Sep 2003, 07:01am ET

http://finance.lycos.com/home/news/story.asp?story=35545859

DoD Project to Authenticate Visitors of Military and Defense Facilities With Biometrics and ID Cards

MINNEAPOLIS, Sept. 3 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (BB:BKYI), the leader in finger-based biometric identification technology, announced today it has been awarded a contract as part of a Northrop Grumman (NYSE:NOC) led team developing the Defense Cross- credentialing Identification System (DCIS).

BIO-key's Vector Segment Technology (VST) for authenticating and identifying individuals by their fingerprint is embedded in the DCIS prototype being used in a pilot test at several Department of Defense and Defense contractor facilities around the United States. The system will accept and process credentials from government employees and contractors using the newly adopted Common Access Card, standardized industry identification and a live- scan comparison of biometrics. BIO-key will provide secure, fast and accurate identification solutions for employees and contractors authorized to access contractor facilities by authenticating individual's biometrics to approved database records.

"This is one of the most important Federal security initiatives since the tragedy of September 11", said Mike DePasquale, CEO of BIO-key. "We are pleased that BIO-key has been selected to be a part of this team led by Northrop Grumman and contributing to the nation's defense."

"We are applying the most advanced techniques, technologies and security methodologies available and developing an expandable and scalable process that will enable additional applications within the government access control arena," said Wood Parker, vice president and general manager, Government Information Technology Division, Northrop Grumman Mission Systems.

Tom Colatosti, Chairman of BIO-key, added " We are thrilled with the momentum that BIO-key is building and the opportunity to partner with leading defense contractors and system integrators like Northrop Grumman on vital programs like DCIS, to provide security solutions to help prevent past tragedies by delivering proven biometric technology for sustainable security solutions that protect personal privacy while meeting national security objectives."

"By providing secure, streamlined physical access to contractors at military facilities and to military staff at contractor facilities, DCIS will provide a vital service for force protection," Mr. Parker added.

About Northrop Grumman

LEARN MORE ABOUT US: Northrop Grumman news releases, product information, photos and video clips are available on the Internet at: http://www.northropgrumman.com . Information specific to the Information Technology sector is available at: www.it.northropgrumman.com/index.html

About BIO-key

BIO-key develops and licenses advanced biometric finger identification technologies that are cost effective, scalable and easy to deploy. BIO-key products provide "True User Identification(TM)" for the prevention of data and identity theft while preventing false aliases. BIO-key pioneered the only finger identification algorithm that has been certified by the ICSA, and today continues that innovation by offering cost effective, high-performance one-to-many finger and one-to-one identification solutions that provide security and positive identification for both government and enterprise applications. (http://www.bio-key.com)

BIO-key Safe Harbor Statement

This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, see "Risk Factors" in the Company's Annual Report on Form 10- KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

For additional information contact:

Albert Maruggi
612-325-8126
[e-mail]

SOURCE BIO-key International, Inc.
-0- 09/03/2003
/CONTACT: Albert Maruggi for BIO-key International, [phone], or
[e-mail]
/
/Web site: http://www.bio-key.com
http://www.northropgrumman.com
/
(BKYI NOC)
CO: BIO-key International, Inc.; Northrop Grumman
ST: Minnesota
IN: CPR HTS ARO OTC
SU: CON
LH
-- NYW059 --
4836 09/03/2003 07:01 EDT
http://www.prnewswire.com

1) the San Fran lunch-bunch reported that they were made privy to some powerpoint slide which included Wave on a list w/NG & others, at the infamous pre-Intel PR dinner.

2) SKS alluded to NG in the Q3 CC.

3) if the widespread Wave-NDA theorem (pure wavoid conjecture IMO) is accurate, how is it possible that itty-bitty BIO-Key publicly released a September '03 DCIS PR w/NG info & their website linked?

4) if Awk's theory about wavx insider-trading on the NG contract signing was true, why wasn't there similar insider action a year ago prior to the Intel "deal"?!?

5) IMO Zeev's warrant P&D seems much more plausible.

btw, it's been almost 13 months since Wave announced a relationship w/NSM's safekeeper...