Wave gets U.S. pact for data security.
From todays Berkshire Eagle.
Wave gets U.S. pact for data security.
Saturday, December 18, 2004 - LEE -- Wave Systems Corp. has landed an order from the United States Military Academy's Infor-mation Technology Operations Center at West Point to provide software and hardware for secure information sharing.
The project involves creating better ways of authenticating users of access cards and of encrypting information like passwords, credit card numbers and other senstive data so it cannot be tapped in computer files by unauthorized users.
"Wave has invested heavily in trusted computing and identity management hardware and software solutions," said Brian Ber-ger, Wave's executive vice president, marketing and sales. "We believe these technologies could play an important role in making government personal computers more trusted and secure while making the PC applications more secure and easy to manage."
John Callahan, vice president for communications, said he could not disclose the amount of the contract or its impact on Wave's work force.
He did say Wave has been "aggressively going after the government market" in the last few years and this contract marks the first significant breakthrough.
In another development, Wave announced that it was completing the issuance to investors yesterday of approximately $5.8 million of Class A common stock to fund on-going operations and general corporate overhead.
The shares are part of a $25 million stock-offering proposal ap-proved by the Securities and Ex-change Commission last spring. About $3 million has already been purchased by investors, Callahan said.
Wave had 70,692,827 shares of stock outstanding as of yesterday, Callahan said. The new purchases add about 5.4 million more.
Wave holds a portfolio of pa-tents in security and e-commerce applications.
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