Exhibit 99.1

 

Conference call:

Today, March 28, 2012 at 4:30 p.m. ET

Webcast / Replay URL:

www.wave.com/news/webcasts

Dial-in numbers:

(415) 226 5356 or (212) 231 2902

 

Security Vendor Wave Systems Q4 Revenues Rose 57% to $11.0M on Growing Software Sales and Safend Contribution

 

2011 Net Revenues Rose 39% to a Record $36.1 Million as Wave Expanded its Focus to

Include Mobile Devices, Windows 8 Support, Consumer Applications and New OEM End-Markets

 

Lee, MA—March 28, 2012—Wave Systems Corp. (NASDAQ: WAVX) today reported financial results for its fourth quarter (Q4) and year ended December 31, 2011, having previously postponed its year-end reporting due to the discovery of certain pre-acquisition accounting errors in the financial statements of its Safend Ltd. subsidiary acquired September 22, 2011. Wave expects to file its annual report on Form 10-K on or before March 30, 2012.

 

Wave CEO Steven Sprague, commented, “2011 was a pivotal year for Wave as we built the business across several important fronts, deepening our engagement into exciting new product markets and geographies. As a result of significant enterprise deals closed in Europe, we expanded our presence in the region, adding a team of seasoned sales professionals and establishing offices in France, Germany and the United Kingdom to support our market outreach. Through our acquisition of Safend, we rounded out our product portfolio with a robust set of award-winning Data Loss Prevention (DLP) products, added to our roster of customers, expanded our engineering and sales teams and secured a foothold in Israel and other global markets. While the pre-acquisition accounting errors we have reported for Safend are regrettable, they do not change our view of the importance of this acquisition for Wave.

 

“We took an equally forward-leaning stance on the product development front, investing aggressively to position Wave to address a range of additional potential opportunities, including our service contract announced yesterday with the U.S. Army. In response to the emergence of sophisticated viruses such as Stuxnet, we were the first to market with a product for the early detection of BIOS-level threats, Wave Endpoint Monitor. In the mobile space, we joined with partners Trusted Logic Mobility and ARM to create an industry-first mobile security demonstration in which an Android phone was used as an authentication token. We also extended our management solutions into the Cloud with the launch of Wave Encryption Service, and today we are working on a next-generation, feature-rich cloud service that we plan to make commercially available later this year.

 

“The coming launch of the Windows 8 operating system is a major development because of its increased emphasis on trusted computing. Microsoft has made security a primary focus for Windows 8 and is integrating hardware-level support for access control, encryption and the early detection of malware using trusted computing security. These capabilities should provide additional opportunities for the adoption of Wave’s enterprise management solutions to manage such functions.

 

“Finally, in the coming weeks you’ll hear more from Wave in the consumer space, as we plan the ‘beta’ launch of a service we’ve developed called scrambls. Demonstrations started in November and have yielded strong interest and positive feedback from a broad array of users. The solution leverages Wave’s deep expertise in encryption and data protection to return control of content shared over social networks to individual creators.

 

“In summary, we believe Wave is at the forefront of important innovations for cyber security, and we continue to actively pursue a growing range of market opportunities. We believe that investments in these initiatives, though challenging to near-term profitability, are essential to solving key security challenges, supporting our partners and positioning Wave for long term success.”

 


The following information was filed by Wave Systems Corp (WAVXQ) on Thursday, March 29, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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