SOURCE: Wave Systems Corp.

Wave Systems Corp.

September 09, 2009 08:45 ET

Wave Systems Collaborates on Open Identity Initiative for Federal Government

Government Unveiling Pilot Program to Encourage Federal Agencies to Utilize Open Identity Technologies in Response to President Obama's Mandate for Greater Citizen Participation

LEE, MA--(Marketwire - September 9, 2009) - Wave Systems Corp. (NASDAQ: WAVX) (www.wave.com) announced today its support of the first open identity pilot program aimed at enabling members of the public and businesses to register and participate in government websites without creating new user names and passwords. Wave joins Yahoo!, PayPal, Google, Equifax, AOL, VeriSign, Acxiom, Citi and Privo in supporting this new pilot program as digital identity providers offering solutions based on OpenID and Information Card technologies.

The Center for Information Technology, National Institutes of Health, U.S. Department of Health and Human Services and related agencies will participate in the pilot program. Wave and the other participating companies are being certified under the open trust frameworks developed by the OpenID Foundation and the Information Card Foundation and reviewed by the federal government. A joint announcement by both foundations was issued earlier today to coincide with the first day of the Gov 2.0 Summit in Washington, D.C.

"The Open Identity for Open Government Initiative, a joint mission of the Information Card Foundation and OpenID Foundation with the U.S. government, is one of the most significant steps in making government more transparent and participatory," said Drummond Reed, Executive Director of the Information Card Foundation. "But with open access comes the need for greater security and privacy. Wave Systems is developing the ability to tie open identity technology into the trusted computing infrastructure. This will provide the basis for stronger security and privacy, and would pave the way for a whole new class of trusted applications."

Wave has been developing a service which combines hardware security and open identities for secure, single sign-on for accessing Web services. It utilizes OpenID and SAML, open standards that allow the use of an existing identity to sign into multiple websites without creating new passwords. With OpenID, a visited website (relying party) communicates with an identity provider and that provider then confirms the visitor's identity to the website. To date many sites including Google, FaceBook and SalesForce participate in OpenID as an identity provider, relying party or both.

Join Wave Systems for full demonstrations of the strongly authenticated identity service at the Digital ID World Conference in Las Vegas Sept. 14-16, 2009.

Wave's service is unique because it is designed to bring strong, second-factor authentication security to OpenID. By integrating its service with the industry standard Trusted Platform Module (TPM) security chip on individual PCs, user names are replaced by unique, user-protected digital certificates for stronger, multi-factor authentication between the user and service providers -- ensuring secure digital identities across the Web. This integration with the TPM will also provide easier management for small- and medium-sized businesses whose employees access government websites.

"We applaud President Obama's mandate to make government websites more user friendly, and we're especially pleased by the decision to follow the framework of trust established by the OpenID and Information Card Foundation," said Steven Sprague, President and CEO of Wave Systems. "The security of OpenID and Information Card technologies relates to how well authentication keys and credentials are protected. Using a Trusted Platform Module, Wave can now enable strong authentication for open identity technologies, designed to ensure that users have fast, easy access to government services with heightened security and privacy."

About Wave Systems Corp.

Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM) and supports the TCG's "Opal" self-encrypting drive standard. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than many existing software-based encryption solutions. TPMs are included on an estimated 300 million PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. For more information about Wave and its solutions, visit http://www.wave.com.

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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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    Michael Wheeler
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