SOURCE: Wave Systems Corp.

Wave Systems Corp.

May 28, 2013 13:07 ET

Wave Signals Middle East Expansion With Signing of QWAED Technologies

Leading Saudi Arabian IT Consultant Agency Champions Trusted Computing Standards With Selection of Wave

LEE, MA--(Marketwired - May 28, 2013) - Wave Systems Corp. (NASDAQ: WAVX), the Trusted Computing Company, announced it has entered into an agreement with QWAED Technologies in Riyadh, Saudi Arabia to sell Wave's innovative solutions for managing security and data protection. This agreement symbolizes significant growth in the Middle Eastern market and a growing adoption of Trusted Computing standards. 

"Cyber threats have become a global epidemic," said Zeyad Albattal, CEO, QWAED Technologies. "Wave provides an innovative approach that builds on industry-standard hardware built directly into the endpoint. This gives QWAED the opportunity to do what it does best -- quickly and effectively deploy a trusted IT security strategy that offers best-in-class protection for our customers."

QWAED's customers are faced with increasingly dangerous cyber threats. Last year, cyberattacks halted crude oil and gas supplies, and crippled the operations of Middle East's largest oil and gas companies. These attacks, which compromised more than 30,000 computers, sent shockwaves throughout the Middle East -- heightening cybersecurity awareness throughout the region.

With Wave's comprehensive portfolio of innovative solutions for managing data protection, authentication and malware detection (Wave's software security management and Scrambls for securing the cloud and social media), QWAED can deliver secure business solutions to their clients, which will empower them to:

  • Make device safe to lose. Wave manages Opal self-encrypting drives (SEDs).
  • Safely and securely encrypt files uploaded to cloud storage services like Dropbox™ or Microsoft SkyDrive™.
  • Eliminate passwords. Enable virtual smartcards for second factor authentication or protect credentials while using Microsoft DirectAccess.
  • Ensure that only known devices are allowed on known networks. Wave establishes persistent device identity that can't be spoofed.

"Wave's end point security protection enables QWAED to provide secure solutions in major sectors across Saudi Arabia," said Joseph Souren, Vice President and General Manager for Wave. "Our data protection solutions simplify authentication and encryption, while working within the Trusted Computing framework -- helping QWAED offer its clients the highest level of protection."

About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) 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 QWAED Technologies
Riyadh, Saudi Arabia-based QWAED Technologies is a consulting and service company specializing in information technology and major infrastructure service sectors throughout Saudi Arabia. QWAED is a project management office company that works in several areas, including IT business solutions, software integration, OEM and security. The company is strategically aligned with international partners such as Fujitsu and has also worked with several government authorities, such as the Royal Guard, the Ministry of Defence, the Ministry of Interior, and the Saudi Telecom Company (STC).

Safe Harbor for Forward-Looking Statements
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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