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LONDON, UNITED KINGDOM -- (Marketwired) -- 02/03/14 -- Following months of detailed preparations, Wave Systems Corp. (NASDAQ: WAVX) announced that its software suite for managing hard drive encryption has been accepted for evaluation into the CESG (Communications-Electronics Security Group) Commercial Product Assurance (CPA) programme.

CPA certification is awarded when a product has met all the security characteristics set forth by CESG, the UK Government's National Technical Authority for Information Assurance. CESG protects the vital interests of the UK by providing policy and assistance on the security of communications and electronic data, working in partnership with industry and academia.

"We're delighted to have ERAS formally entered into CPA evaluation, and would like to express our thanks to Roke Manor Research, our lab testing partner, and CESG for their advice and guidance during the preparation stage of this process," said Wave CEO Bill Solms. "CPA assurance is considered the 'best practice standard' for cyber security technologies and services within the UK and opens new opportunities for government and private sector business."

Wave is now listed on CESG's 'Products in Evaluation' web page: (http://www.cesg.gov.uk/servicecatalogue/CPA/Pages/CPA-certified-products.aspx). A decision on certification is expected during mid-2014; acceptance into evaluation does not guarantee certification.

Wave helps organisations achieve compliance with international data protection and privacy laws; its EMBASSY® Remote Administration Server (ERAS) provides directory-based management for two forms of encryption: Self-Encrypting Drives (SED), based on the OPAL standard, published by the Trusted Computing Group and Microsoft BitLocker®, a native hard disk encryption feature on many Windows operating systems.

ERAS enables organisations to remotely initialize, lock and manage SEDs and BitLocker configurations, recover passwords as well as decommission drives at end-of-life. ERAS is deployed in some of the world's largest enterprise infrastructures, with several deployments of more than 100,000 devices at each enterprise.

About Wave Systems
Wave Systems Corp. reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

About CESG
CESG is the Information Security arm of GCHQ and is based in Cheltenham, Gloucestershire, UK. It is the UK Government's National Technical Authority for IA, responsible for enabling secure and trusted knowledge sharing to help its customers achieve their business aims. CESG uses its deep technical expertise to provide its customers with insights into information risks and mitigations, enabling customers to reduce both the risks to, and impacts on, their information and information-based systems. For more information on CESG, please visit http://www.cesg.gov.uk

About Roke Manor |Research
Roke Manor Research Ltd is a world-class electronics engineering company that provides contract research, product development and manufacturing for a wide range of UK and international customers. Roke develop advanced sensors, communications systems, and network solutions for a diverse range of applications. Trusted by government and industrial partners worldwide, Roke provide independent advice, solve technically challenging problems and deliver innovative capability and products into the defence, national security, telecommunications, and healthcare markets. Established in 1956 it is a wholly owned subsidiary of Chemring Group plc. which employs over 4,000 people globally. For more information on Roke Manor Research please visit http://www.roke.co.uk

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This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

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