Wave Systems Corp. (fka WAVXQ)

[New Wave]

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

LEE, MA -- (Marketwire) -- 05/21/09 -- 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.