SOURCE: Wave Systems Corp.

Wave Systems Corp.

October 20, 2014 08:00 ET

Wave Systems Names Gary Patton as Executive Vice President

LEE, MA--(Marketwired - Oct 20, 2014) - Wave Systems Corp. (NASDAQ: WAVX) announced it has appointed retired U.S. Army Major General Gary Patton as the company's Executive Vice President and Chief of Staff.

Reporting directly to Wave's President and CEO, Bill Solms, Mr. Patton will be responsible for efficient and effective coordination and synchronization across the entire corporate team, including the implementation and execution of corporate strategic initiatives and policies.

"Gary is a proven leader and manager with many years of executive-level experience in operations, training, and organizational management. I have charged him with the task of helping me elevate Wave's organizational and management practices to an even higher level of professionalism" said Bill Solms, Wave CEO. "But I didn't hire Gary because he was a Major General in the U.S Army, I hired him because he is a highly experienced and effective manager of complex organizations and because I also know him to be a man of great character.

"He will be our corporate Chief of Staff, a position he held previously for a U.S. Army infantry division in a war zone," Solms said. "Although he is new to the corporate world and to IT, Gary's senior-level management experience is impressive and will be valuable as we continue to transform Wave into an even more capable and efficient organization. A man with Gary's credentials always has many viable options when it comes to beginning a second career. I'm very pleased that after taking a close look at Wave he chose us, and I'm eager for him to help the company accomplish its goals."

Prior to joining Wave, Major General Patton served over 35 years on active duty with extensive senior executive experience leading large organizations and managing complex programs. His senior command and staff assignments include: Chief of Staff for the 23,000-member 25th Infantry Division Task Force in Iraq; Director for Manpower and Personnel (J1) for the Joint Chiefs of Staff; Deputy Commanding General of the NATO Training Mission in Afghanistan; Director for the Department of Defense Sexual Assault Prevention and Response Office; and Principal Director for Military Personnel Policy on the Staff of the Secretary of Defense. Major General (Retired) Patton began his Army career with a commissioning in 1979 from the U.S. Military Academy at West Point.

In the Department of Defense's public announcement of Mr. Patton's military retirement, Secretary of Defense Chuck Hagel said, "Maj. Gen. Patton has demonstrated total commitment to mission accomplishment, the readiness of the force, and the welfare of his troops. He has a history of tackling tough assignments and I want to thank him for the transparency, energy, persistence, and strong leadership he has brought to the Department's sexual assault prevention and response program over these past 18 months."

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.

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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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